With Ripple (XRP) taking the headlines by storm in the last few months, there has been a lot of buzz and speculation about the possible outcome of its case against the SEC and of course, XRP’s future price.
As usual, crypto analysts and traders have been closely following XRP’s latest movements, balancing between narratives, news, and technical analysis (TA) to draw their charts. But some of them have gone so far as to believe and confidently state that XRP could reach $43, $100, $500, or even $2,500…
TraderCrew’s Trader Predicts $43/XRP
Oaksacorn is a pseudonymous crypto trader and analyst on TradingView, where he often shares his insights and forecasts on the crypto market using technical analysis.
So, Oaksacorn published a chart where he estimates that XRP could reach $43, and BTC could go as far as 250k, and even $1.25M. The analyst based his research on drawing parallels between the current market and the 2015 – 2017 cycle.
Oaksacorn states that market caps for companies “are not the same as market caps for virtual currencies.” However, this whole prediction assumes price history can serve as an indication of future price movements without considering that markets can react quite differently than expected — even if all conditions are met — due to a myriad of reasons.
This also doesn’t consider other factors, including adoption, regulatory pressure, demand, etc. Overall, Oaksacorn assumes that the current market will somehow mimic the 2015 – 2017 cycle.
“BTC mimicking 2015 cycle – likely given structure so far. This puts BTC at 215K in September of 2024 and could bring an XRP price of $43”
XRP to $500…?
Another bold price prediction for XRP came from Shannon Thorp, a business analyst who claims to work at “Wells Fargo Treasury Management.”
As CryptoPotato reported, Thorp forecasted XRP to hit $500, or higher. Her predictions were based on a Bank of England report that estimates the total value of cross-border payments in 2027 to be $250 trillion. This means she’s assuming the following:
- All financial institutions will use RippleNet’s On-Demand Liquidity (ODL), which uses XRP as the main liquidity source, to make cross-border payments.
- She claims XRP will even be used to make domestic transactions
- She disregards future competitors, demand, and institutional adoption.
- Regulatory frameworks and legal outcome
Therefore, Thorp assumes all XRP tokens will meet the $250T in transactions.
Thorp says she doesn’t endorse the XRP, nor is Ripple paying her to do so.
If you’re curious what ChatGPT thinks about XRP’s price performance during the next bull run, take a look at our recent video:
The post Ripple (XRP) to Hit $43 in September 2024: Analyst Predicts But is it an Outrageous Analysis? appeared first on CryptoPotato.
