The anticipated surge of XRP to ranges of $100 and $500 remains elusive, prompting dissenting voices in the crypto community, with Shannon Thorp explaining her earlier projection.
Shannon Thorp, Former Operational Specialist at Citi, had sparked optimism by forecasting a 71,328% surge in XRP value, pinpointing a two to seven-month timeline. This was six months ago when XRP secured the non-security certification from the U.S. court.
Specifically, the banking expert argued that XRP could trade in the $100 and $500 threshold within seven months, a date which should coincide with February 2024. However, it is January 2024, and XRP currently trades at $0.5373, making the projected surge appear distant and unattainable.
As a result, renowned technical analyst “JD” took to X, expressing skepticism and questioning the validity of Thorp’s earlier predictions. Thorp often contested the relevance of historical charts in predicting XRP’s future valuation, a viewpoint that clashes with the principles upheld by analyst JD.
“Saying charts don’t work? We are literally still within my orange box posted months ago. Charts win over this nonsense,” JD remarked.
So what's up w/this $100-500 in 7 months theory you posted last July 2023?
Saying charts dont work? We are literally still w/in my orange box posted months ago.. ???♂️?
Charts WINS over these NONSENSE??♂️$XRP #XRParmy #XRPCommunity https://t.co/v9upVaYEtm
— JD ?? (@jaydee_757) January 28, 2024
XRP Forecasts without Utility Chart is Ridiculous
However, Thorp stepped in with a comprehensive rebuttal. Thorp’s elucidation challenges conventional methods of market analysis, particularly those reliant solely on chart patterns.
Specifically, the banking expert contended that traditional analyses of XRP’s value are inadequate without utility charts. Thorp sees forecasts based on past trends as a disservice to the community members. In her words:
“Current charts for XRP utility do not exist. The premise of your argument is based solely on what “was” the speculative nature of XRP founded on market sentiment and buy/sell pressure. Do you know how nonsensical it is for you to dismiss utility in your quantifiable approach?”
Current charts for XRP UTILITY do not exist! In fact, what you are doing is a true injustice to the #XRPCommunity.
The premise of your argument is based solely on what “was” the speculative nature of XRP founded from market sentiment and buy/sell pressure. Do you know how… https://t.co/YjBvmWuvO8 pic.twitter.com/Ge1Gk2hsrk
— Shannon Thorp (@thorpshannon87) January 28, 2024
Furthermore, Thorp stressed charts no longer dictate XRP’s trajectory since the U.S. declared it a non-security. According to her, XRP’s outlook now hinges on its utility in diverse business sectors.
Essentially, she highlighted the need for a shift in focus from speculation to utility-driven valuation metrics for XRP. Thorp argued charting fits more appropriately for tokens like Bitcoin.
The $500 XRP Outlook
Shannon Thorp concluded her argument with a rhetorical question: “How do you solve a multi-trillion dollar problem with a $0.50 XRP?”
Significantly, the banking expert maintains that XRP’s utility in the payment landscape suggests it cannot remain a low-cost token. She has asserted that XRP is bound to become expensive. Thorp has gone as far as to claim that a $500 per XRP is an undervalued estimate.
She bases this assertion on the anticipation of the cross-border payment market reaching $250 trillion within the next three years. Nonetheless, Shannon Thorp failed to explicitly clarify why her seven-month $500 projection remains far from reality.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
