Growth Potential for Ripple (XRP) Confirmed by Wells Fargo
Wells Fargo, one of the leading multinational financial institutions, has confirmed that the cryptocurrency Ripple (XRP) has the potential to reach a value of $500 within two to seven months. This optimistic forecast comes from Shannon Thorp, a Business Development Manager at Wells Fargo, who based her prediction on the Bank of England’s report on cross-border payments. The report predicts that the cross-border payments industry will have a market capitalization of $250 trillion by 2027. Thorp argues that an XRP price of $500 is necessary to support such a large market. Other analysts also predict triple-digit prospects for XRP.
Thorp’s Outlook on XRP and Market Dynamics
This is not the first time Shannon Thorp has offered price forecasts for XRP. She previously suggested that even a modest 10% share of cross-border transactions could generate a turnover of about $800 billion. Thorp explained that liquidity and supply dynamics play a crucial role in determining XRP’s value. With limited supply and a price of $100, the market would have an LS (Liquidity and Supply) of $5 trillion. At $500, the LS would rise to $25 trillion, providing more flexibility to the market. Thorp positioned the price of XRP in a range of $100 to $500, without specifying a timetable.
Ripple’s Brad Garlinghouse: Optimism and Growth Outside the US
In an interview at TOKEN2049, Asia’s largest cryptocurrency event, Ripple CEO Brad Garlinghouse expressed optimism about winning the ongoing legal dispute with the US Securities and Exchange Commission (SEC). He mentioned that regulatory issues in the US have led Ripple to seek talent in crypto-friendly jurisdictions like Singapore, Hong Kong, Dubai, and the United Kingdom. Garlinghouse criticized SEC head Gary Gensler’s remarks, stating that not all cryptocurrencies should be classified as securities. Additionally, SEC commissioners Hester Peirce and Mark Uyeda disagreed with the commission’s actions against developers of the NFT collection called Stoner Cats, emphasizing the importance of preserving artists’ freedom in the creative process.
Hot Take: Ripple (XRP) Sees Promising Future Amid Legal Battle
The recent confirmation by Wells Fargo of Ripple’s growth potential has generated excitement among crypto enthusiasts. With predictions of XRP reaching $500 and beyond, it is clear that many believe in the cryptocurrency’s long-term success. Shannon Thorp’s insights into market dynamics and liquidity have shed light on how XRP’s value can support a massive cross-border payments industry. Furthermore, Ripple CEO Brad Garlinghouse’s optimism about winning the legal battle and the company’s focus on crypto-friendly jurisdictions demonstrate a commitment to growth outside the US. Despite regulatory challenges, Ripple remains determined to thrive in the global cryptocurrency landscape.
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