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Banker Faces Heat for Unfulfilled XRP to $500 Forecast

source-logo  thecryptobasic.com 23 February 2024 10:28, UTC

An Operational Specialist from Citi is facing criticism from the crypto community due to her unfulfilled bold prediction that XRP could reach $100 to $500 within seven months.

In a recent post, X user “Scam Detective” called out Shannon Thorp, an Operational Specialist at Citi, for her daring forecast of XRP attaining a triple-digit value within a seven-month window.

Scam Detective highlighted that there is just about a week left before Thorp’s “near term” four-to-seven timeline concludes. However, XRP, which should be trading between $100 and $500 by now, as the banker suggested, still struggles at around $0.5369.

The commenter posed a sarcastic question to the community, asking whether they believe XRP can miraculously surge by 18,500% within the next few days to fulfill the banker’s prediction.

Furthermore, Scam Detective pointed out the popularity that Shannon Thorp’s post had garnered since making the daring XRP projections. Specifically, the post has been viewed at least 1.8 million times.

The critic lamented that the fact that Thorp worked for a prominent financial institution “lent credibility to her poor prediction.”

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

XRP to $500 Forecast

In her analysis, Thorp challenged the relevance of historical trends in predicting XRP’s future price. She argued that chart analysis has historically been unreliable and will continue to be so in predicting XRP’s price.

Additionally, Thorp contested the perspective of those who forecast XRP’s price based on utility and Ripple partnerships, suggesting that such approaches are also flawed.

Significantly, the foundation of the banker’s $100 to $500 forecast lies in her belief that XRP’s current supply cannot meet the demands of financial institutions for settling cross-border payments if the asset remains at a low price.

Thorp asserted that since the cross-border payment market is valued in the multi-trillion dollar, XRP needs to have a higher valuation to address these demands effectively.

Interestingly, the banker had mentioned that her $500 projection was even a conservative estimate. Besides, she challenged critics who pointed out deficiencies in her analysis.

Will XRP Surge 93,027%?

At press time, Thorp has not provided an update response on her $500 projection.

With XRP currently trading at $0.5369, achieving a $500 value within the next seven days would necessitate a staggering 93,027% surge in the asset’s price, a price growth that appears unfeasible.