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The XRP price has struggled over the past three years, remaining low even as Bitcoin and other altcoins soared to possible new all-time highs. But even with this, the XRP community has remained steadfast in their belief that the altcoin’s price will reach new highs. Forecasts ranged from $1 to as much as $1,000. The latter has been hotly debated among crypto investors. However, one crypto researcher believes that the XRP price could eventually reach $1,000, and gives reasons why this could happen.
Dominates the global banking systems
The selling point of the XRP token The fact has always been that it needs to be integrated into the global banking systems, enabling cheaper, faster and smoother transactions. Expectations for the use of the token in banking were the initial reason behind its meteoric rise, and this has continued to drive belief in its future.
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Crypto researcher CryptoTank went to X (formerly Twitter) to repeat the value proposition of this for the XRP price, referring to this utility. The researcher points out that SWIFT is already integrating the RippleNet into its systems, and given SWIFT’s volume, this could mean a large influx for the token.
They point out that SWIFT currently generates around $5-$7 trillion in daily volumes, even with high fees of $20-$50 per transaction. However, in comparison, using RippleNet would reduce costs to pennies, saving the payment platform hundreds of billions of dollars annually. Furthermore, the researcher explains that even if Ripple were to get just 10% of SWITF’s trading volume, it would mean at least a significant $500 billion passing through RippleNet every day.
At this rate, the slowest XRP price would not be sufficient to handle SWIFT’s volume alone. So, the researcher believes that the XRP price would rise to compensate for this new volume. “XRP would have to be very high to move just 10% of Swift’s daily volume,” the researcher said. “When you add the other banks, it becomes crazy how high XRP will go.”
XRP Price to $1,000 Debate
The recent debate surrounding the XRP price reaching $1,000 started with the crypto exchange Uphold asking the community what they would do if the XRP price reached $1,000. This led to speculation as to whether the altcoin can actually reach this price, prompting input from several angles.
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However, on-chain researcher TruthLabs has debunked this possibilityciting how much the market capitalization would have to grow to achieve this goal. According to the researcher, the market cap of XRP should reach $100 trillion
Featured image created with Dall.E, chart from Tradingview.com
ch is 50x the current market capitalization of the entire crypto market.
Featured image created with Dall.E, chart from Tradingview.com
