Wall Street Analyst Predicts XRP Price Surge Based on Ripple CTO’s Remark
While XRP may not have been performing well lately, a prominent financial analyst from Wall Street is confident that XRP is on the cusp of significant growth. The analyst, Linda Jones, relies on a statement made by Ripple’s Chief Technology Officer, David Schwartz, to support her argument about XRP’s potential as a global reserve currency.
Amid concerns about XRP’s underperformance, Jones sought to reassure holders of the digital asset. She dismissed the notion that XRP will remain stagnant and pointed to Schwartz’s comment, which she believes debunks such concerns. In a recent tweet, Jones quotes Schwartz’s statement about how countries are cautious about relying on a single country to control the world’s reserve currency, indicating that they may be open to using a digital asset like XRP instead.
Schwartz initially proposed this idea during a discussion in 2023, where he addressed the possibility of multiple global reserve currencies coexisting. He acknowledged that many countries are wary of depending solely on the US dollar as the primary reserve currency. Schwartz further suggested that if countries engage in a dialogue about a new reserve currency, they would likely prefer a trustless system like XRP over a currency controlled by their geopolitical rivals.
The Ripple CTO also pointed out that if choosing a cryptocurrency like XRP as the reserve currency benefits its holders, it would not be seen as a disadvantage. Schwartz’s view is that the absence of a central authority is a significant selling point for cryptocurrencies, even if it may result in wealth accumulation for those involved.
Jones’ reliance on Schwartz’s statement has garnered mixed reactions within the crypto community. Some question why countries would specifically opt for XRP when they could develop their own cryptocurrencies tailored to their requirements. Others argue against stablecoins, noting that they would still be backed by fiat currencies, which goes against the goal of avoiding centralized control.
In conclusion, while XRP’s recent performance has called its potential into question, a Wall Street analyst believes that its role as a trustless reserve currency could drive its price up, citing support from Ripple’s CTO, David Schwartz. Time will tell if this perspective holds true and XRP realizes its growth potential.