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XRP Price Can Reach 3-4 Digits: Frankfurt Stock Exchange Correspondent

source-logo  thecryptobasic.com 28 February 2024 08:25, UTC

A correspondent at the Frankfurt Stock Exchange believes XRP clinching a three to four digit price is feasible, citing the crypto asset’s immense utility in the finance scene.

Oliver Michel, founder and CEO of German-based venture capitalist firm Tokentus Investment AG, said this while speaking in an interview with a Der Aktionär reporter. Digital Asset Investor, an XRP community figure, recently highlighted the interview on X.

The German Adults In The Room Have Arrived
Predicts XRP $5-$10
XRP 3 to 4 Digits "I can well imagine that will happen"
Wow what a clip. He also owns Ripple Equity SPVs🍿🔥🍿🔥🍿🔥 pic.twitter.com/awmXVbKRcH

— Digital Asset Investor (@digitalassetbuy) February 27, 2024

When asked what excites him about Ripple and XRP, Michel noted that Ripple’s position as a company with a board structure rather than a foundation is a good thing.

Secondly, he emphasized how Ripple leverages the XRP Ledger for multiple business cases. However, he specifically spotlighted ODL (now Ripple Payments) as an interesting business case which looks to address pain points with international money transfers.

Michel stressed that sending money across borders, for instance, EUR from Germany to USD in the U.S., would take a lot of time and cost due to exchange rates and bank intermediaries.

The Tokentus CEO noted that Ripple solves this by converting the source currency (in this case, EUR) to XRP on the XRP Ledger blockchain. They then convert the XRP to the target currency (in this case, USD), with low cost and reduced time.

XRP’s Price Projected to Initially Hit $5 to $10

Concerning the price of XRP, Michel had some interesting remarks. It bears mentioning that Tokentus, Michel’s company, is an XRP investor. The firm purchased 50,000 EUR worth of XRP last July. Data from its official website shows it holds 372K XRP purchased for 225K EUR.

Michel confirmed that he is interested in prices because of his company’s investment. He projected a price target of $5 to $10 for XRP. According to Michel, XRP’s price targets would come in waves, with the $5 to $10 being targets for the first wave.

Speaking further, he revealed that his interest in Ripple and XRP is due to the fact that he and his company are invested in both entities. Besides holding XRP tokens, Tokentus Investment AG invested $100K in a Special Purpose Vehicle (SPV) for Ripple shares in December 2022.

XRP Could Soar to 3-4 Digits

As the interview progressed, the Der Aktionär respondent sought Michel’s thoughts on the future of Ripple Payments.

In response, he called attention to the potential evolution of CBDC endeavors on the XRP Ledger, which could lead to an interconnection of multiple central banks at the backend of the blockchain.

He stressed that the XRPL will serve as a central hub, functioning as a bridge technology to connect these banks. Michel admitted that there are some competitors to this utility, including the JPM Coin from JP Morgan.

However, he noted that he believes in the first mover advantage, which could be beneficial for Ripple, seeing as it is early in the market. According to him, Ripple could position itself as the available option if these central banks feel an urgency to implement their CBDC plans.

Should this occur, Michel says it could result in XRP being the world reserve bridge currency, a philosophy that several XRP proponents hold. The Tokentus CEO believes, in such a scenario, XRP’s price could switch from 2 digits to 3 or 4 digits, and possibly 5 digits.