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.
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.
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.