2024-10-12 22:00:45 by NewsBTC

A particular crypto analyst has boldly predicted that XRP price could rise to $60, driven by the influx of demand and capital from institutional investors as it taps into the market share or daily volume of the SWIFT, a global messaging solution for banking and payment.  XRP Eyes $60 With SWIFT’s Volume Boost In a recent X (formerly Twitter) post, Levi Rietveld proposed a unique scenario where XRP’s price could potentially surge to $60, marking a staggering increase of approximately 11,220% from its current value of $0.53. Firstly, Rietveld referred to a 2017 paper indicating SWIFT’s daily payment processes.  According to the paper, SWIFT typically manages about $5 trillion in daily transactions, accumulating to $1.25 quadrillion every year. Based on current market changes and more adoption of the network, the analyst suggested that the figure will likely rise in 2024. He disclosed that SWIFT’s daily transactions have possibly increased to $7 trillion, equating to $1.8 quadrillion annually.  The analyst also noted that SWIFT’s payment message volumes are usually about 11.5 million daily, with an average payment size of around $45,000. Moreover, he reveals that the current average payment size has increased to $60,000 per transaction, highlighting the staggering amount of fees it takes to execute just one transaction.   Taking these figures into consideration, Rietveld has hypothesized that if XRP can acquire just 10% of SWIFT’s overall market share, the cryptocurrency could see an “astronomical” increase in its price. Starting on a more conservative estimate, the analyst revealed that with a 5% market share which is about $239.4 billion in daily volume, XRP could see a 1,252.5X increase. This is equivalent to a 9,080.6% surge in XRP, pushing its value to new all time highs at $26.62.  XRP market cap currently at $30.6 billion. Chart: TradingViewRietveld further estimated that with a 10% market share, XRP’s price could rise to $52, and even surpass $200 with 20% of SWIFT’s volume. The analyst has called on crypto investors to begin accumulating XRP, stressing that his ambitious projections for the cryptocurrency are not far-fetched, given its advantages over SWIFT in terms of cost, speed, and reliability.  Institutional Adoption To Drive XRP Price Even Higher While hypothesizing the extent of XRP’s price surge with a small percentage of SWIFT’s volume, Rietveld also disclosed that the cryptocurrency could see a massive price increase as adoption from institutional investors skyrockets. The analyst disclosed that the XRP market may undergo a significant supply shock when institutional investors begin accumulating the cryptocurrency.  He revealed that over time, institutional investors will eventually need to buy XRP from the public supply, as the tokens locked in escrow would not be sufficient to meet demand. Considering XRP’s already limited supply, Rietveld has projected that the potential supply shock would trigger a massive price rally to about $200 in the next 10 years.  Featured image from Shutterstock, chart from TradingView Scott Matherson Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. 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This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society. Disclaimer: The information found on NewsBTC is for educational purposes only. 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