Wall Street Analyst Notes the Opportunity to Accumulate XRP at Low Prices during this Bull Cycle
A prominent figure in the XRP community has highlighted the potential for XRP to experience a significant increase in value during this bull cycle. The analysis, conducted by Abs, the host of the Good Morning Crypto podcast, featured Linda Jones, a renowned Wall Street analyst.
During the discussion, Abs addressed concerns surrounding XRP’s current performance in the market. He pointed out that during the 2017 bull run, XRP traded 80% below its peak even when Bitcoin reached its all-time high. Abs noted that a similar situation exists currently, with Bitcoin surpassing the $69,000 milestone while XRP remains 85% below its previous peak.
Despite this, the podcast host urged the XRP community to remain optimistic, drawing parallels to the extraordinary performance of XRP during the 2017 bull run, where it gained 70,000%. While Abs does not expect a repeat of such a surge, he believes that XRP has the potential to increase in value tenfold while maintaining a lower market capitalization than Ethereum.
With Ethereum’s market capitalization standing at $402 billion and XRP trailing behind at $33.85 billion, Abs highlighted the feasibility of XRP’s valuation reaching $338.5 billion if it surges tenfold. However, he emphasized that his forecast is for a 1,000% increase in XRP’s price during this cycle.
Wall Street analyst Linda Jones shared a similar sentiment, acknowledging the fortunate opportunity presented by low XRP prices, which allows for accumulation. Jones dismissed concerns about the current price, stating that it will take care of itself. She also mentioned that approximately 400 banks have expressed interest in utilizing XRP for cross-border transactions.
Jones further explained that these banks already utilize XRP-based private ledgers for periodic money transfers, sometimes leading to price fluctuations. However, she viewed these fluctuations as stress tests for the system, indicating their potential integration onto the main ledger in the future.
It is worth noting that recent glitches in XRP’s price on various trading platforms have led to claims of the asset reaching unexpectedly high values. The Wall Street analyst suggested that these glitches provide insights into the future price of XRP.