A market analyst known as Amelie, affectionately dubbed “Crypto Barbie” within the community, recently argued for a potential surge in XRP price to reach $1,000. This prediction was based on JPMorgan, the largest bank in America, moving around $10 trillion, sparking discussions on the undervaluation of XRP.
The discussion around XRP’s undervaluation has led to various analysts projecting ambitious price targets for the cryptocurrency, with the $1,000 mark frequently coming up. Different theories have been put forward to support these projections. For instance, chartist BarriC drew parallels to Bitcoin’s historical performance to suggest that XRP could experience a similar price increase.
Amelie, on the other hand, pointed to XRP’s ability to facilitate large-scale asset transfers across borders as a potential catalyst for a surge to $1,000. She highlighted JPMorgan CEO Jamie Dimon’s acknowledgment of the significant daily transaction volume processed by the bank, amounting to $10 trillion in cross-border settlements.
Dimon’s comments underscored JPMorgan’s extensive adoption by numerous large institutions, leading some members of the XRP community to believe that the XRP Ledger (XRPL) could see a similar uptick in transaction volumes with increased adoption.
This increased adoption of XRPL would inherently increase the utility of XRP, the network’s native token, which is often considered the banker’s coin for its role in facilitating efficient money transfers as a bridge currency.
Interestingly, JPMorgan has recognized Ripple and XRP as entities capable of unlocking a substantial amount of trapped cross-border payments, potentially reaching $120 billion. If such adoption were to materialize, XRP could see a significant increase in daily trading volume.
Taking this concept further, Mason Versluis, a prominent figure in the XRP community and founder of the Gold Squad, shared a document outlining the potential price of XRP if it were to process large daily cross-border payment volumes in the trillions.
Data from the document suggests that XRP’s price could reach $1,000 if it were to handle $20 trillion in daily cross-border settlement volume with a liquidity pool supply of 20 billion tokens. However, it is essential to note that these figures are speculative and may not be easily achievable.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The views expressed are the author’s own and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.