Ever since Ripple won its 3-year legal battle with the U.S. Securities and Exchange Commission (SEC) over the security status of XRP, bullish predictions for the altcoin have risen rapidly. The latest and perhaps most optimistic of these forecasts comes from a manager at Wells Fargo, who laid out a possible triple-digit price target for the digital asset.
XRP price could rise to $500
Shannon Thorp, business development manager at major US bank Wells Fargo, painted a rather optimistic picture for XRP in a tweet posted on the X (formerly Twitter) platform on September 11. In this article, a Wells Fargo manager predicts that the XRP price may rise to $500.
Like most analysts, Thorpe backed her predictions and gave reasons why she expects XRP price to rise so high. In this context, Thorpe pointed out that the Bank of England’s 2023 “Cross-border Payments” report proposed that the cross-border payments market will reach US$250 trillion by 2027.
Thorp believes that such a valuation could lead to XRP prices exceeding $500. “The XRP price of $500 does not appear to be sufficient to support this amount,” she explained.
Excerpted from the 2023 New Value Report #ripple
By 2027, cross-border payments are expected to reach US$250T!
The XRP price of $500 seems insufficient for this amount. 😉 $xrp #xrpisnotasecurity pic.twitter.com/HvIIp0vIiD
— Shannon Thorpe (@thorpshannon87) September 11, 2023
Interestingly, the Wells Fargo manager is not the only one who believes that XRP prices will reach triple digits in the future. Another analyst on X named XRP Captain also predicts that the altcoin may reach $130 in 2024 due to the triangle pattern appearing in the XRP chart.
Can you imagine the scale of this breakthrough when it happens💥💥?I wouldn’t be surprised if #ripplecoin $100 to $130 in the next bull run 🚀🚀🚀. #ripplecoin Consolidate 2014 to 2017 VS 2018 to 2024.go all out #XRP holders #XRPCommunity pic.twitter.com/gm9hLiqh6M
— Captain XRP (@UniverseTwenty) September 3, 2023
Thorpe doubles down on prediction
This isn’t the first time a Wells Fargo manager has made such a prediction about digital assets.The first time was on July 30, 2023, when Thorpe gave a detailed explanation postal Explaining why she believes XRP price could climb to $500.
In an initial prediction, she stated that Ripple could even capture a small portion, such as 10%, of the cross-border transactions currently being conducted by banks such as JPMorgan Chase. Such market share would bring in about $800 billion in revenue, Thorp explained, “and $1 is not enough to move that money.”
Thorp further wrote, “If the price of XRP is $100 and the supply is only 50B, then LS is $5T, and when XRP supply is $500, LS is $25T, it all boils down to LS. This gives This gives the market breathing room, allows for growth, and ensures that no single company needs to hold billions of XRP to conduct day-to-day operations.”
In light of this, the Wells Fargo manager pegged the price of XRP at $100 to $500, although there is no time frame as she explained that “how and when” is linked. Therefore, Thorp’s recent prediction is actually just double her previous prediction, but this time XRP is expected to reach that number in 2027.
Token price falls to two-month lows | Source: XRPUSD on Tradingview.com
