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$XRP could soar to a double-digit price if it is leveraged as the preferred asset for global remittances.
From the outset, the development team of the $XRP Ledger ($XRP) designed $XRP to facilitate instant and low-cost cross-border settlements. Unlike traditional payment rails, which can take days, $XRP settles transactions within a few seconds. Moreover, users get to pay a negligible fee of a fraction of a cent to send funds across borders using $XRP.
Due to $XRP’s prowess, financial institutions have adopted the coin for cross-border settlements. Last month, major crypto exchange Bitrue highlighted ten banks and institutions that have used $XRP for this purpose. The list featured financial institutions like Santander Bank, SBI Holdings, PNC Bank, Bank of America, and Standard Chartered.
Of this amount, $669 billion was sent to low and middle-income countries. Notably, India saw the highest remittance totaling $125 billion in 2023. People who sent money from the U.S. to other countries claimed they did so to support their families back home.
$XRP Price If It Is Used for Global Remittances
If people use $XRP to send these funds to their families, it would significantly impact the coin’s price.
We estimated $XRP’s price under three adoption scenarios of 10%, 50%, and 100% in relation to the $860 billion in global remittances recorded in 2023. Notably, adoption levels of 10%, 50%, or 100% translate to volumes of $86 billion, $430 billion, or $860 billion.
Adding these volumes to $XRP’s current market cap would push the coin’s price to unprecedented levels. At an adoption level of 10%, which equates to $86 billion, $XRP’s market cap would grow to $251.18 billion.
Similarly, if $XRP captured 50% of global remittances (an extra $430 billion to the coin’s market cap), its valuation would hit $595.18 billion. Moreover, at 100% adoption (an $860 billion boost), the market cap would reach about $1.02 trillion.
Assuming $XRP’s supply remains stable at 59 billion coins, market caps of $251.18 billion, $595.18 billion, and $1.02 trillion translate to prices of about $4.25, $10.08, and $17.28 per $XRP, respectively.
Therefore, if $XRP becomes the go-to asset for sending money to families, its price could grow to $4.25, $10.08, or $17.28 based on the coin’s adoption level.
$XRP to $4, $10, and $17 Predictions
Notably, some experts have predicted $XRP’s potential rise to these targets. For instance, Edoardo Farina suggested that $XRP could hit a new all-time high of $4 this month, urging investors not to act surprised if the prediction plays out.
Last month, popular crypto chartist EGRAG predicted that the $10 forecast would materialize soon for $XRP. Additionally, EGRAG referenced several technical indicators to forecast $XRP’s potential surge to $17.5, which would mark a new all-time high for the coin.