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One crypto analyst has boldly predicted that XRP price could rise to $60, driven by an influx of demand and money from institutional investors as it enters the market share or daily volume of SWIFT, the global messaging solution for banking and payments.
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XRP Eyes $60 With SWIFT’s Volume Boost
On the latest X (formerly Twitter) postedLevi Rietveld proposed a unique situation there The price of XRP may rise to $60, marking an impressive increase of about 11,220% from its current price of $0.53. First, Rietveld referred to a 2017 paper showing SWIFT’s day-to-day payment processes.
According to the paper, SWIFT it usually handles about 5 trillion daily transactions, which accumulate to $1.25 quadrillion every year. Based on the current changes in the market and the increased adoption of the network, the analyst suggested that the number will increase in 2024. He revealed that SWIFT’s daily transactions could increase to $7 trillion, equivalent to $1.8 quadrillion per year.
The analyst also noticed that SWIFT payment message volumes are typically around 11.5 million daily, with an average payout size of around $45,000. In addition, he points out that the current average payout size has increased to $60,000 per transaction, highlighting the staggering amount of money required for just one transaction.
Considering these figures, Rietveld speculated that if XRP could gain 10% of SWIFT’s overall market share, the cryptocurrency could see an “astronomical” increase in its price. The beginning of another sequential measurementthe analyst pointed out that with a 5% market share of about $239.4 billion in daily volume, XRP could see an increase of 1,252.5X. This equates to a 9,080.6% surge in XRP, pushing its value to new all time highs today we are at 26.62 $.
Rietveld also estimated that with a 10% market share, the price of XRP could rise to $52, and even exceed $200 with 20% of SWIFT’s volume. The analyst asked crypto investors to start to accumulate XRPstressing that his speculation of wanting a cryptocurrency is not far-fetched, considering advantages over SWIFT in terms of cost, speed, and reliability.
Institutional Acquisition To Drive XRP Price Even Higher
While guessing the size of the XRP exchange with a small percentage of SWIFT’s volume, Rietveld also revealed that the cryptocurrency could see a significant price increase as acceptance from institutional investors is increasing. The analyst revealed that the XRP market may have significant source shock when institutional investors started to accumulate crypto currency.
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He pointed out that over time, institutional investors will eventually need to buy XRP from the public offering, as the tokens locked in escrow will not be enough to meet demand. Considering the already limited supply of XRP, Rietveld predicted that a potential supply shock could cause a major price rally to around $200 in the next 10 years.
Featured image from Shutterstock, chart from TradingView
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