thecryptobasic.com
A recent discussion within the XRP community has triggered renewed speculation around the potential future price of XRP.
The catalyst for this recent conversation was a commentary from self-described crypto researcher Crypto Tank.
XRP to $100: Feasible or Fiction?
His remarks suggest that XRP could hit the $100 mark if it manages to capture just 10% of the daily transaction volume handled by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Interestingly, the $100 price target has recently taken center stage in the XRP community, with pundits providing different reasons for their projections. Earlier this month, Xena, a community figure, contended that investors now see the $100 target for XRP as attainable.
Meanwhile, market analyst Javon Marks has continued to project this target, leveraging technical tools to express confidence in his assessment. In a report late last month, he cited historical data from XRP’s price movements in the 2017 cycle.
While he also sees XRP reaching the $100, Crypto Tank, in a recent post on X, urged community members to be cautious about relying on price predictions from various cryptocurrency chartists.
Notably, amid XRP’s recent underperformance, multiple analysts have set ambitious price targets. For instance, most recently, analyst EGRAG suggested XRP could rally to $99. Another market watcher predicted a surge to the $8 to $13 range.
However, Crypto Tank argued that most of these forecasters lack a deep understanding of the factors influencing the market. He speculated that if XRP absorbed 10% of SWIFT’s daily transaction volume, its price could reach $100. He sees this as the lower valuation.
XRP Capturing 10% of SWIFT Daily Volume
For context, a report from June 2022 confirmed that SWIFT processes around $5 trillion in global transactions per day, with 45 million messages sent through its network.
This means that capturing 10% of SWIFT’s volume would equate to approximately $500 billion in daily transactions. By comparison, XRP’s current daily transaction volume averages around $1 billion. For XRP to achieve this hypothetical milestone, its volume would need to increase by a staggering 500 times.
This concept triggered diverse reactions among XRP proponents. Community critic Scam Detective pointed out that Crypto Tank’s advice to disregard the predictions of charters was sound, but he found the subsequent speculation on XRP’s future price contradicting that very advice.
Take the advice in his first two sentences. The remaining text is what he is warning you to ignore.
— 𝕾𝖈𝖆𝖒𝖘 𝖆𝖗𝖊 𝖇𝖆𝖉 (aka. ScamDaddy𐦐) (@ScamDetective5) September 15, 2024
Nonetheless, others in the community noted the importance of charting. One user responded to Crypto Tank by asserting that while charting provides only a probability-based outlook, it can still offer value as more data is gathered over time.
According to this perspective, the historical data available for cryptocurrencies is still too limited, making any chart-based predictions highly speculative for now.