XRP Price Predictions: A Manager at Wells Fargo Anticipates $500
Date: 2023-09-13 Author: Dima Zakharov Categories: BLOCKCHAIN, IN WORLD
XRP Price Could Surge to $500
In a tweet on September 11th on the X platform (formerly Twitter), Shannon Thorp, a business development manager at the American mega-bank Wells Fargo, painted a rather optimistic picture for XRP. In the tweet, the Wells Fargo manager predicts that the price of XRP could soar to $500.
Like most analysts, Thorp supports her forecast with a reason for expecting XRP's price to reach such heights. In this case, Thorp refers to the Bank of England's report on cross-border payments for the year 2023, which states that by 2027, the volume of cross-border payments will constitute a market worth $250 trillion.
Thorp claims that such an assessment could lead to XRP's price exceeding $500. She explains, "A price of $500 for XRP seems insufficient to support this amount."
Interestingly, the Wells Fargo manager is not the only one envisioning a triple-digit future for XRP's price. Another analyst known as "XRP Captain on X" has also predicted that the altcoin could reach $130 in 2024 due to a triangular model that has emerged on the XRP chart.
Thorp Doubles Down on This Prediction
This is not the first time a Wells Fargo manager has made such a forecast regarding the digital asset. The first instance occurred on July 30, 2023, when Thorp posted a detailed explanation of why she believes XRP's price could rise to $500.
In her initial forecast, she points out that Ripple could capture a small percentage, for instance, 10%, of cross-border transactions currently executed by banks like JP Morgan. Such market share would bring in approximately $800 billion, to which Thorp explains, "One dollar is not enough to move such money."
Thorp goes on to write, "It all comes down to LS; if XRP is priced at $100 with a supply, say, of only $50 billion, that gives LS of $5 trillion, and at a price of $500, we get LS of $25 trillion. This allows the market to breathe, ensures growth, and guarantees that no company needs to hold billions of XRP for everyday operations."
Considering this, the Wells Fargo manager assesses the price of XRP at $100–$500, although she does not specify the time frames, as she explains, "how and when" are interconnected. Thus, Thorp's recent forecast is, in fact, a doubling of her previous prediction, but this time, it is expected that XRP will reach this figure by 2027.
