Wells Fargo Treasury Manager has predicted that the price of XRP will inevitably increase.
Wells Fargo Treasury Manager Shannon Thorp had generated optimism by predicting a 71,328% increase in the value of XRP within two to seven months. XRP obtained the non-security certification from the U.S. court precisely six months ago.
In particular, the banking expert posited that XRP could potentially attain trading volume between $100 and $500 within seven months or by February 2024.
Nevertheless, as of January 2024, the XRP market is valued at $0.5373, rendering the anticipated surge seemingly remote and unachievable.
Analysts Challenge Wells Fargo’s Predictions on XRP
Subsequently, the esteemed technical analyst “JD” expressed doubt and questioned the integrity of Thorp’s earlier prognostications on X. Thorp frequently challenged the applicability of historical charts to forecast the future valuation of XRP. This stance contradicts the tenets maintained by analyst JD.
“Are you saying that schematics are ineffective? We are still inside the orange crate sent to us months ago. Chips triumph over this foolishness,” JD said.
Nevertheless, Thorp responded with an exhaustive rebuttal. Thorp’s clarification challenges traditional approaches to market analysis, specifically those that depend exclusively on chart patterns.
In particular, the banking expert argued that conventional methods of assessing the value of XRP are insufficient in the absence of utility charts. Predictions predicated on historical patterns are detrimental to the community, in Thorp’s opinion. Her remarks were:
“Current charts for XRP utility do not exist. The premise of your argument is based solely on what “was” the speculative nature of XRP founded on market sentiment and buy/sell pressure. Do you know how nonsensical it is for you to dismiss utility in your quantifiable approach?”
Furthermore, since the U.S. designated XRP as a non-security, Thorp emphasized that charts no longer determine XRP’s trajectory. She claims that the future of XRP is contingent on its applicability across various industries.
In essence, she emphasized the necessity for a transition in emphasis from speculation to utility-driven metrics for valuing XRP. Thorp argued that charting is more suitable for illustrative assets such as Bitcoin.
Wells Fargo Treasury Manager summarized her argument with a rhetorical query: “How can a $0.50 XRP be utilized to resolve a problem worth a trillion dollars?”
Notably, the banking expert asserts that XRP’s efficacy in the payment landscape precludes it from continuing to be priced at a low level. She has predicted that the price of XRP will inevitably increase. Thorp has even asserted that an estimate of $500 per XRP is inadequately valued.
This claim is predicated on her expectation that the market for international payments will attain a value of $250 trillion within the following quarter century.
However, Wells Fargo Treasury Manager neglected to provide a clear and explicit explanation as to why her $500 forecast for the next seven months continues to be significantly off.
