Banking Expert Addresses Previous Prediction of $100 to $500 Rally for XRP

The crypto community has seen different levels of expectation for XRP and its price growth after its certification as non-security. Notably, many predicted a potential XRP price rally, which ranges from $100 to $500 or even more.

A prominent banking expert, Shannon Thorp, who gave an earlier forecast, came back with more explanation.

Expert’s Massive Prediction of $100 to $500 Surge For XRP and Skeptical Challenge

Thorp, a former Operational Specialist at Citi, has indicated her optimistic position as she predicted a whopping 71,328% increase in XRP’s price. She stated that the rally would emerge within a period of two to seven months.

Thorp’s forecast came six months ago after the court declared XRP to be a non-security.

In her argument, Thorp mentioned that XRP’s price could rise between the $100 and $500 region in seven months. According to the forecast, the stated timeline corresponds to February 2024. However, the expected growth is still far from reality.

In January 2024, XRP still trades within the $0.5200 and $0.5300 thresholds, appearing quite impossible to reach the anticipated surge. Reacting to Thorp’s prediction, a notable technical analyst, “JD,” expressed skepticism about the $500 projection in a recent X post.

He called out Thorp, questioning the validity of her predictions.

JD said:

Saying charts don’t work? We are literally still within my orange box posted months ago. Charts win over nonsense.

So what’s up w/this $100-500 in 7 months theory you posted last July 2023?

Saying charts dont work? We are literally still w/in my orange box posted months ago.. 🤔🧐🤦‍♂️🤦

Charts WINS over these NONSENSE🤦🤦‍♂️$XRP #XRParmy #XRPCommunity https://t.co/v9upVaYEtm

— JD 🇵🇭 (@jaydee_757) January 28, 2024

Thorp has always maintained a strong position regarding the relevance of historical charts in XRP’s price predictions. However, such a notion does sync with analyst JD’s views and principles.

Expert Argues The Injustice Of XRP Analysis Without Utility

Defensively, Thorp launched a counter-argument over JD’s skepticism. The banking expert’s argument challenges the traditional approaches to market analysis, especially those that focus only on chart trends.

Further, Thorp argued that analyzing XRP’s value without utility charts would give inadequate results.

She views all predictions that are based on past trends as an injustice to the community members. 

Thorp stated:

Current charts for XRP utility do not exist. The premise of your argument is based solely on what ‘was’ the speculative nature of XRP founded on market sentiment and buy/sell pressure. Do you know how nonsensical it is for you to dismiss utility in your quantifiable approach?

Current charts for XRP UTILITY do not exist! In fact, what you are doing is a true injustice to the #XRPCommunity.

The premise of your argument is based solely on what “was” the speculative nature of XRP founded from market sentiment and buy/sell pressure. Do you know how… https://t.co/YjBvmWuvO8 pic.twitter.com/Ge1Gk2hsrk

— Shannon Thorp (@thorpshannon87) January 28, 2024

Additionally, Thorp maintained that charts no longer solely represent the XRP trajectory following its US classification as a non-security. Instead, she believes the overall XRP outlook depends on its utility in different business sectors.

Moreover, the banking expert emphasized the need for XRP to witness a change from speculation to utility-focused valuation.

She noted that charting is mainly suitable for crypto protocols such as Bitcoin. Finally, Thorp ended her explanation with a rhetorical question to analyst JD. She asked: “How do you solve a multi-trillion dollar problem with a $0.50 XRP?” She pointed out that the use of XRP in the payment systems reflects it can’t remain a low-cost asset.

With time, the token would grow and become quite expensive. Also, she noted that her prediction of $500 for XRP is an undervaluation for such a high utility token.

Thorp’s assertion revolves around the expectation that the XRP cross-border payment market would hit $250 trillion in the next three years.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/crypto-news/banking-expert-addresses-previous-prediction-of-100-to-500-rally-for-xrp/