According to the popular cryptocurrency analyst Shannon Thorp, the price of Ripple’s native token could blast beyond $500 in the future.
She based her bold prediction on a recent report that estimated that the total value of cross-border payments might reach $250 trillion by 2027.
XRP Hitting the $500 Mark?
Thorp shared some key points from Ripple’s 2023 New Value Report, agreeing with the thesis that the increased liquidity of XRP could turn the token into a form of digital currency that can be moved around the world in real-time.
The research further states that expected cross-border payments value could skyrocket to a whopping $250 trillion in the next four years. As such, Thorp thinks that XRP’s price should be above $500 to facilitate that amount.
From the 2023 New Value Report by #Ripple
$250T is expected by 2027 just in cross-border payments!
— Shannon Thorp (@thorpshannon87) September 11, 2023
Some X users commented below her post, suggesting that the $500 milestone seems like a mirage considering the asset’s current valuation of approximately $0.48.
Subsequently, she insisted that her suggestion is based on what she sees “going on in banking” and that Ripple has not paid her to endorse their native token:
“I don’t do this for engagement, and I’ve said that since day one! I don’t have YouTube or any other bs platform to “shill” anything. I speak to what I see going on in banking, that is literally it. I’m not paid by Ripple, and I do not work for them.”
And yet, even the report in the screenshot outlines the value of cross-border payments – the entire market. If Ripple’s price is to reach $500, based on the current circulating supply only, this would put it at a market cap above $260 trillion – over 260 times greater than the current market cap of the entire industry.
To put this into further perspective – during the last bull run, when Bitcoin’s price reached its all-time high at around $70K, the total market capitalization of the industry was around $3 trillion. That’s still 120 times shy of the above target, making this prediction preposterous, to say the least.
The Ripple v SEC Case and Where It’s At
It is safe to assume that the final resolution of the lawsuit between Ripple and the US SEC could also impact the price of XRP.
The asset’s valuation has been dependent on the developments surrounding the case in the past few years, spiking considerably when the American magistrates ruled in favor of the blockchain enterprise in mid-July.
However, XRP failed to keep the momentum, and its price started falling in the following months (in unison with the overall cryptocurrency market). As CryptoPotato recently reported, the SEC officially appealed Ripple’s partial victory, putting additional breaks on XRP’s potential jump.