Shannon Thorp, who works as an Operational Specialist at Citi, XRP He claimed that the coin could reach between $100 and $500 in seven months. With this view, he attracted the attention of the crypto community and was subject to criticism.
In a recent post, user “Scam Detective” slammed Thorp for his bold prediction. The four-to-seven-month period, which Thorp calls “the near future,” is about to end. However, XRP was still trading around $0.5369. That’s a long way from reaching the $100 to $500 range the banker predicted. is value.
Scam Detective posed a sarcastic question to the community about whether Thorp’s prediction would come true. He asked if they thought XRP could realize this prediction with a huge increase of 18,500% in the coming days.
Additionally, Scam Detective noted the popularity Thorp received after making this bold prediction. Notably, Thorp’s post was viewed at least 1.8 million times.
The critic complained that Thorp’s work at a leading financial institution gave even such an inaccurate prediction credibility.
Shannon has less than 10 days for her price prediction of $100-$500 near short term (4-7 months).
Do you think #XRP will pump 18,500% in the next few days?NEWS CONTINUES BELOWThis post was seen by more than 1.7 million ppl &the fact that she worked for a bank lent credibly to her poor prediction. https://t.co/Racyk1d9Zz
— ⍼ ScamDaddy (@ScamDetective6) February 22, 2024
$500 Prediction for XRP
In Thorp’s analysis, it is clear that he argues that it is not appropriate to rely on historical trends to predict the future price of XRP. He noted that chart analysis has historically been unreliable. Therefore, he argued that it would also be unreliable in predicting the price of XRP.
Additionally, Thorp challenged predictions that base XRP’s price on Ripple partnerships or utilities, arguing that these approaches are also flawed.
The banker’s estimate of $100 to $500 was based on a belief that XRP would not be able to meet demands from financial institutions to handle cross-border payments at current low price levels.
Thorp stated that the cross-border payments market is worth multi-trillion dollars and suggested that XRP needs to have a higher valuation to effectively meet these demands.
Interestingly, the banker noted that even the $500 projection was a conservative estimate. In this context he challenged critics who pointed out shortcomings in his analysis.
Will XRP Increase by 93.027%?
At press time, Thorp had not provided an updated response regarding his $500 projection.
While XRP is currently trading at $0.5369, reaching a value of $500 in the next seven days would require a staggering 93.027% increase in the asset’s price, a price increase that does not seem possible.
Source : The Crypto Basic