Citi Banker’s XRP Forecast Draws Backlash for $500 Price Projection
Citi Banker’s XRP Forecast Met with Skepticism as $500 Price Target Deadline Approaches
Shannon Thorp, an Operational Specialist at Citi, is facing scrutiny from the cryptocurrency community after her bold prediction that XRP could reach $100 to $500 within seven months has failed to materialize.
In a recent post, user “Scam Detective” pointed out Thorp’s ambitious forecast, noting that there is only about a week left before her projected timeline ends. Despite the anticipation for XRP to trade between $100 and $500, the cryptocurrency is currently struggling around $0.5369.
Scam Detective sarcastically questioned the possibility of XRP experiencing an 18,500% surge in the next few days to meet Thorp’s prediction. This post was seen by over 1.7 million people, and the fact that she worked for a bank initially lent credibility to her poor prediction.
Thorp’s analysis challenged traditional methods of predicting XRP’s future price. She argued against the reliability of historical trends and criticized approaches based on utility and Ripple partnerships.
Instead, Thorp emphasized that XRP’s current supply needs a higher valuation to effectively meet the demands of financial institutions settling cross-border payments, especially considering the multi-trillion dollar valuation of the cross-border payment market.
Although Thorp’s forecast of $100 to $500 was based on her belief that XRP’s current valuation was insufficient for the market it aimed to serve, she received criticism for her projection. However, Thorp maintained that her $500 estimation was a conservative one and stood by her analysis.
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.
The significant gap between the predicted and actual value has sparked discussions within the community, casting doubt on the feasibility of such a surge within the given timeframe.