Market commentators have made a case for XRP’s price to surge to $1,000, citing a transfer of around $1 billion from JPMorgan Chase, the largest U.S. bank.
Amelie, affectionately known as “Crypto Barbie” in the community, made this claim, one of the latest comments surrounding the “XRP is massively undervalued” theory. Notably, this sentiment was shared by multiple figures in the XRP community, who believe that XRP is trading below its fair value.
Importance of adoption
As such, several market analysts continue to predict bold XRP price targets, with a target of $1,000 constantly surfacing in these discussions. These analysts have different theories to support their predictions. For example, chartist BarriC cited Bitcoin’s historical performance as evidence that XRP could record similar price gains.
Meanwhile, Amelie focused on XRP’s potential to move large amounts of assets across borders, which could be the catalyst that drives the price skyrocketing to $1,000. In a recent article, she referenced comments made by JPMorgan Chase CEO Jamie Dimon about the sheer volume of money the bank handles every day.
JPMorgan Chase, the largest U.S. bank and fifth-largest by total assets, moves about $10 billion a day in cross-border settlements, according to Dimon. He stressed that the bank has operations in various companies in 30 countries, as well as in the countries themselves, the US government, the World Bank and the International Monetary Fund.
Dimon’s comments confirm that JPMorgan’s massive trading volumes are due to the bank’s mass adoption, with several large institutions offering banking services to it. Therefore, some in the XRP community believe that the XRP Ledger (XRPL) could record similar transaction volumes if it witnesses increased adoption.
Increased adoption as a potential catalyst for XRP to surge to $1,000
This increased adoption for XRPL will automatically translate into more utility for XRP since it is the native token of the network. XRP is often hailed as the banker’s coin due to its utility in this regard and its potential to serve as an efficient bridge for currency transfers.
Notably, JPMorgan sees Ripple and XRP as entities that could unlock a massive amount of trapped cross-border payments, potentially to the tune of $120 billion. If this increase in adoption comes true, XRP could potentially have a significant amount of daily transaction volume.
Building on this premise, XRP community figure and Gold Squad founder Mason Versluis revealed a chart detailing the potential price of XRP if it were to handle trillions of daily cross-border payment volumes.
XRP Liquidity Chart | Mason Fowles Ruiz
The data in the table shows that if XRP is used for cross-border settlement of $20 billion per day and has a liquidity pool supply of 20 billion tokens, the XRP price could soar to $1,000. However, while this presents an interesting prediction, it is important to note that these numbers are highly speculative and not easily achievable. Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not reflect the views of Crypto Basic. Readers are advised to perform thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses. -Advertisement-
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