Can Ripple (XRP), the crypto investors follow closely, reach $60?
Versan Al Jarrah, founder of Black Swan Capitalist, via social media platform X XRPHe made astonishing predictions about the future price. As of October 23, XRP is trading at $0.5481, maintaining its sideways movement from last week. However, the price of the popular altcoin is down 6 percent from a month ago and 10 percent over the past 60 days. On the other hand, in the same period Bitcoin Its value increased by 12 percent.
Despite XRP’s poor performance, analyst comments gave investors hope.
“They will have to turn to XRP.“
According to Aljarrah, XRP may soon experience a significant price increase, and the biggest factor behind this will be an impending supply shock. Currently, the amount of XRP in circulation is known to be 56.71 billion tokens. Al-Jarrah, however, suggested that this amount may be insufficient, especially when demand for whales increases.
Al-Jarrah also said that institutions looking for liquidity against the weakening US dollar will have to turn to XRP. According to him, we are entering a process where XRP will no longer be a speculative asset and will become a necessity for stabilizing currencies and economies and managing global debt.
$60 target surprised.
Earlier this month, analyst Levi Rietveld also shared the view that a supply shock could push XRP’s price to $60 “overnight.” Rietveld argued that such a scenario could happen if XRP takes over part of SWIFT, the global payment network.
According to Rietveld, if this happens, institutions will need to buy large amounts of XRP. However, due to the lock tokens held under escrow, there will be insufficient supply in the market, causing prices to rise sharply.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.