A well-known market commentator, known as “Crypto Barbie” in the community, has put forward a bold argument for XRP reaching a price of $1,000, pointing to the movement of $10 trillion by JPMorgan, the largest bank in America.
Amelie’s statement is part of the ongoing discussion around the idea that XRP is undervalued, a sentiment shared by many in the XRP community who believe that the cryptocurrency is trading below its true worth.
The Significance of Adoption
This has led several market analysts to predict ambitious price targets for XRP, with the $1,000 mark being a recurring theme in these conversations. These analysts have various theories to support their forecasts. For example, chartist BarriC used Bitcoin’s past performance as a basis for suggesting that XRP could experience a similar price surge.
Meanwhile, Amelie highlighted XRP’s potential for facilitating large-scale asset transfers across borders as a potential trigger for a rise to $1,000. In a recent post, she drew attention to comments made by JPMorgan CEO Jamie Dimon about the massive amount of funds the bank processes on a daily basis.
According to Dimon, JPMorgan moves approximately $10 trillion in cross-border settlements every day, serving numerous companies in 30 countries, as well as countries themselves, the U.S. government, the World Bank, and the IMF. This underscores the fact that JPMorgan’s high transaction volume is a result of widespread adoption by large institutions seeking their banking services. Consequently, some individuals in the XRP community believe that the XRP Ledger (XRPL) could see similar transaction volumes with increased adoption.
Increased Adoption as a Catalyst for XRP’s Rise to $1,000
Greater adoption of the XRPL would naturally lead to increased utility for XRP, the network’s native token. XRP has often been hailed as the preferred coin for banks due to its utility in facilitating efficient money transfers as a bridge currency.
Interestingly, JPMorgan has identified Ripple and XRP as entities capable of unlocking a significant amount of trapped cross-border payments, potentially reaching $120 billion. If this increased adoption materializes, XRP could see a substantial daily trading volume.
Expanding on this idea, Mason Versluis, a prominent member of the XRP community and founder of the Gold Squad, shared a document outlining XRP’s potential price if it processes large daily volumes of cross-border payments in the trillions.
The data from the document suggests that XRP could soar to $1,000 if it handles $20 trillion in daily cross-border settlement volume with a liquidity pool supply of 20 billion tokens. However, it’s important to note that these figures are speculative and may not be easily achievable.
Please note: This content is for informational purposes only and should not be construed as financial advice. The opinions expressed in this article are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses incurred.