A recent discussion within XRP Community reignited speculation around the future price trajectory of the token. The catalyst for this discussion was bold prediction by Crypto Tank, a prominent cryptocurrency analyst. He suggested that XRP could hit a $100 price target if it takes 10% daily transaction volume operated by SWIFT, the Society for Worldwide Interbank Financial Telecommunication.
XRP’s Ambitious $100 Price Target: Deep Dive
To provide context, FAST has processed around $5 trillion in transactions per day as of June 2022. If XRP were to secure 10% of this volume, it would be equivalent to handling around $500 billion in transactions per day. This significant raise in transaction volume could potentially result in a significant raise in the price of XRP.
This figure is in stark contrast to XRP’s current average daily trading volume of around $1 billion. However, to reach this hypothetical milestone, the digital asset’s volume would need to raise by a factor of 500. Interestingly, this ambitious goal XRP target price is $100 has gained significant popularity in the community, with many experts offering various justifications for their predictions.
For example, Rietveld, a well-known cryptocurrency analyst, videoprobably predicted a much earlier than expected rise in the price of XRP. According to Rietveld, a significant accumulation phase is currently underway, which prepares XRP for a major breakout that could lead to life-changing gains for early investors.
Rietveld’s bullish outlook is partly influenced by comments from Cathie Wood, CEO of Ark Invest, a respected asset manager known for Bitcoin ETF investmentsHe stressed that as major institutions like BlackRock and JPMorgan roll out cryptocurrency offerings to their wealthiest clients, liquidity is expected to flow into the broader market, potentially driving altcoins like XRP to up-to-date highs.
However, Crypto Tank argued that most of these forecasters do not have a deep understanding of the factors that affect the market. He speculated that if XRP absorbs 10% of SWIFT’s daily trading volume, XRP Price could hit $100, which he considered a more conservative valuation. He also urged investors to “do yourself and your mental state a favor and stop listening to all these analysts forecasting different dollars.”
Community reacts to $100 price prediction
The XRP community responded to the $100 price prediction with a mix of enthusiasm and skepticism. While some community members enthusiastically agreed with Crypto Tank, others, like Scam Detective, pointed out potential inaccuracies in his analysis.
Fraud Detective excellent that Crypto Tank’s advice not to rely on price predictions seems to contradict his own speculations about the future price of XRP.
“Take the advice in the first two sentences to heart. The rest of the text is what it warns you to ignore.”
Another member of the community noticed that although graph analysis offers probabilistic insight, its value can raise with more data. They admitted, however, that the confined historical data for cryptocurrencies creates true forecasts based on chart analysis.
Featured image created with Dall.E, chart from Tradingview.com
