Citi Banker’s XRP Prediction Faces Criticism Over $500 Price Target
The post Citi Banker’s XRP Prediction Faces Criticism Over $500 Price Target appeared first on Coinpedia Fintech News
Shannon Thorp, an Operational Specialist at Citi, is under scrutiny from the crypto community after her bold prediction that XRP could surge to $100 to $500 within seven months has not come to fruition.
Countdown to Disappointment
In a recent post, user “Scam Detective” drew attention to Thorp’s ambitious forecast, noting that there’s only about a week left before her projected timeline concludes. Despite the anticipation for XRP to trade between $100 and $500, the cryptocurrency is currently struggling around $0.5369.
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?
This 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
Scam Detective sarcastically questioned the possibility of XRP experiencing an 18,500% surge within the next few days to meet Thorp’s prediction.
Despite being viewed by over 1.8 million people, Thorp’s post has let down many in the community. Initially seen as credible because of her association with a major financial institution, her unfulfilled prediction has now raised doubts.
XRP To $500 – Doubtful Target
Thorp’s analysis challenged the conventional methods of predicting XRP’s future price. She argued against the reliability of historical trends and criticized approaches based on utility and Ripple partnerships.
People have long asked what will be the price of $XRP, when will this “utility” come? In my opinion, now more than ever I see a divided #XRPArmy! One side looking at only charts, taking cues from the past and trends that follow Bitcoin to draw short term price predictions. Whilst…
— Shannon Thorp (@thorpshannon87) July 29, 2023
Instead, Thorp emphasized that XRP’s current supply needs a higher valuation to meet the demands of financial institutions settling cross-border payments effectively, especially considering the multi-trillion dollar valuation of the cross-border payment market.
Although the banker’s forecast of $100 to $500 was grounded in her belief that XRP’s current valuation was insufficient for the demands of the market it aimed to serve. Despite facing criticism, Thorp asserted that her $500 projection was a conservative estimate and stood by her analysis.
A Questionable Surge
As of now, Thorp has not provided an updated response on her $500 projection. With XRP currently trading at $0.5409, achieving a $500 valuation within the next seven days would require an improbable 93,027% surge in the asset’s price.
However, the significant gap between the predicted and actual value has fueled community discussions, questioning the feasibility of such a surge in the given timeframe.
Filed under: Bitcoin - @ February 23, 2024 12:23 pm