Wells Fargo Claims XRP Will Hit $500 Soon, Analyst Advises to Buy and Hold!

The post Wells Fargo Claims XRP Will Hit $500 Soon, Analyst Advises to Buy and Hold! appeared first on Coinpedia Fintech News

The digital asset XRP, backed by Ripple, has proven its market resilience and potential to revolutionize siloed banking messaging systems. A recent SEC vs Ripple ruling marked a significant milestone as it validated XRP’s programmatic sales to retail investors as non-securities, further strengthening its adoption in cross-border payments. Interestingly, other jurisdictions had already classified XRP as both a commodity and a digital asset, akin to Bitcoin. These developments have led experts to believe that the price of XRP could soar into triple digits in the near future.

Is this a reasonable estimation? Let’s dive in.

Wells Fargo’s Prognosis

Shannon Thorp, Wells Fargo’s Treasury Management officer, has made a noteworthy statement regarding XRP’s potential. Thorp believes that if XRP manages to capture just 30 percent of SWIFT’s global market share, amounting to a staggering $7 trillion, its value could skyrocket to an impressive $500.

Exciting #XRP discernment shared by a respected banking professional with current-day, Treasury Management experience with @WellsFargo.

Shannon’s conservative XRP price prediction is based on XRP being legally deemed a NON-security by the U.S. Dept. of Justice; meaning XRP is an… https://t.co/J0YOLPR8d3 pic.twitter.com/F53I1NGLow

— Rob Cunningham | KUWL.show (@KuwlShow) July 30, 2023

Cryptocurrency daily trading is often perceived as a riskier endeavor compared to the long-term strategy of holding reputable digital assets. The volatility of digital assets can sometimes exceed 20 percent within a mere 24 hours, a characteristic that distinguishes them from the traditional stock market. However, this feature also opens up various trading options, including arbitrage and scalp trading.

A Bullish Outlook by Poppe

The influential cryptocurrency analyst, Michaël van de Poppe, has a bullish outlook on XRP. According to him, investors should seize the opportunity of low XRP prices, as a macro breakout is anticipated to happen within hours. It’s worth noting that XRP recently managed to wipe out 15 months of losses in just 24 hours following the recent SEC ruling.

What $XRP did, is showing to you what a bull breakout does.

Within a matter of 24 hours, losses of 15 months were erased.

Allocate wisely, DCA, don’t get influenced by friends and social media and simply hold.

That’s the key.

— Michaël van de Poppe (@CryptoMichNL) July 30, 2023

Read More: XRP Price Prediction 2023 – 2025: When Will XRP Price Hit ATH?

These recent developments in the world of XRP and the broader cryptocurrency landscape have captivated investors and traders alike, paving the way for potential game-changing shifts in the financial world. As the digital asset market continues to evolve, all eyes are on XRP as it strives to solidify its position as a transformative force in the realm of cross-border payments and beyond.