A market commentator has made a case for an XRP price surge to $1,000, citing the movement of about $10 trillion by JPMorgan, America’s largest bank.
Amelie fondly referred to as “Crypto Barbie” in the community, made this assertion one of the latest commentaries surrounding the “XRP is largely undervalued” theory. Notably, multiple figures in the XRP community share this sentiment, suggesting that XRP trades below its fair value.
The Importance of Adoption
As a result, several market analysts have continued to project audacious XRP price targets, with the $1,000 goal persistently popping up in these discussions. These analysts have different theories backing their projections. For instance, chartist BarriC cited Bitcoin’s historical performance as evidence that XRP could record a similar price upswing.
Meanwhile, Amelie spotlighted XRP’s potential to move large volumes of assets across borders as a possible catalyst for a surge to $1,000. In a recent post, she called attention to JPMorgan CEO Jamie Dimon’s remarks regarding the sheer amount of funds the bank processes daily.
WOW! 💥
JP Morgan moves 10 Trillion every day!
JPMorgan Cross-Border Payments Could Drive #XRP to $1,000!
Imagine all the money XRP will be moving daily as a bridge currency for multiple banks worldwide!https://t.co/1qA5HHpDXo pic.twitter.com/Ots4RlarT3
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) June 9, 2024
According to Dimon, JPMorgan, America’s largest bank and the fifth-largest bank by total assets, moves about $10 trillion in cross-border settlements every day. He emphasized that they bank multiple companies across 30 countries as well as countries themselves, the U.S. government, the World Bank, and the IMF.
Dimon’s remarks confirm that JPMorgan’s astronomical transaction volume is due to the bank’s massive adoption, as several large institutions flock to it for banking services. Consequently, some XRP community figures believe the XRP Ledger (XRPL) could record similar transaction volumes if it witnesses increased adoption.
Increased Adoption as Potential Catalyst for an XRP Rise to $1,000
Such increased adoption for the XRPL would automatically translate to more utility for XRP, being the network’s native token. XRP has often been touted as the banker’s coin due to its utility in this regard and the potential to serve as a bridge currency for efficient money transfers.
Remarkably, JPMorgan highlighted Ripple and XRP as entities capable of unlocking a substantial volume of trapped cross-border payments, potentially amounting to $120 billion. Should such an increased adoption materialize, XRP could command a large daily trading volume.
Building on this premise, Mason Versluis, an XRP community figure and founder of the Gold Squad, disclosed a sheet detailing XRP’s possible price if it processes large daily cross-border payment volumes running into trillions.
Data from the sheet suggests that the XRP price could skyrocket to $1,000 if it processes $20 trillion in daily volume for cross-border settlements with a liquidity pool supply of 20 billion tokens. However, while this presents an interesting projection, it is important to note that these figures are highly speculative and not readily feasible.
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.
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