Ever since Ripple emerged victorious in its 3-year-long legal battle with the United States Securities and Exchange Commission (SEC) over the security status of XRP, the bullish predictions for the altcoin have risen rapidly. The most recent and perhaps the most bullish of these predictions comes from a Wells Fargo Manager, who has put forward a possible three-figure price target for the digital asset.
XRP Price Could Rise To $500
In a September 11 tweet on the X (formerly Twitter) platform, Shannon Thorp, a Business Development Manager for American megabank Wells Fargo, has painted a rather bullish picture for XRP. The post sees the Wells Fargo manager predict that the XRP price could rise as high as $500.
Like most analysts, Thorp backs up her prediction with a reason why she expects the XRP price to rise this high. In this instance, Thorp points to the Bank of England’s ‘Cross Border Payments’ report in 2023 that puts forward the cross-border payments space to be a $250 trillion market by 2027.
Thorp posits that such a valuation could see the XRP price crossing $500. “A $500 XRP price just doesn’t seem like enough to facilitate that amount,” she explains.
From the 2023 New Value Report by #Ripple
$250T is expected by 2027 just in cross-border payments!
A $500 XRP price just doesn’t seem like enough to facilitate that amount.
$xrp #xrpisnotasecurity pic.twitter.com/HvIIp0vIiD
— Shannon Thorp (@thorpshannon87) September 11, 2023
Interestingly, the Wells Fargo manager is not the only one who sees a triple-digit future for the XRP price. Another analyst known as XRP Captain on X has also predicted that the altcoin could reach $130 in 2024 due to a triangle pattern that emerged in the XRP chart.
Can You Imagine The Magnitude When This Breakout Happens
?? I Won’t Be Surprised If #XRP Hit 100$ To 130$ In Next Bullrun
. #XRP Consolidation 2014 To 2017 VS 2018 To 2024. Full Throttle #XRPHolders #XRPCommunity pic.twitter.com/gm9hLiqh6M
— XRP CAPTAIN (@UniverseTwenty) September 3, 2023
Thorp Is Doubling Down On This Prediction
This is not the first time that the Wells Fargo manager has made such a prediction for the digital asset. The first time was back on July 30, 2023, when Thorp made an elaborate post explaining why she believed that the XRP price could climb as high as $500.
In this initial prediction, she points toward Ripple being able to capture even a small percentage, e.g. 10%, of the cross-border transactions that banks such as J.P. Morgan are currently doing. Such market share would bring around $800 billion, to which Thorp explains that “$1.00 is not enough to move that kind of money.”
Thorp further writes that “It all boils down to LS if XRP is $100 at a supply of say only 50B that makes an LS of $5T and at $500 that gives us an LS of $25T. This gives the market room to breathe, allows for growth and ensures no one company needs to own billions of XRP to perform day to day operations.”
Given this, the Wells Fargo manager puts the price of XRP at $100-$500, although with no time frame as she explains the “How and when” are tied together. So Thorp’s recent forecast is really just a doubling down on her previous prediction, but with XRP expected to reach this figure in 2027 this time around.