2023-11-24 17:00 |
Edward Farina, Head of Social Adoption at XRP Healthcare, recently proposed a scenario where the price of XRP could potentially surge to $10,000. His projection is based on the possibility of the token as a bridge currency and RippleNet replacing SWIFT (Society for Worldwide Interbank Financial Telecommunication) in the global cross-border payment systems.
Could XRP Price Reach $10,000?Farina’s commentary dives into the principles of market dynamics. He argues against common misconceptions about the cryptocurrency’s potential growth. “Few people seem to understand the principle of supply and demand. I always see people being shocked when they see someone saying that XRP can reach $10k. (Not saying it necessarily will.),” Farina remarked.
He emphasizes that the global financial sector’s movement of hundreds of trillions of dollars annually means even a small market share could lead to a significant surge in its valuation. Farina also elaborates on the current capabilities of the SWIFT system, handling billions of transactions per hour, and the impact of RippleNet potentially replacing it.
“The problem with the way most people view XRP’s potential to grow exponentially, is that they think it can’t reach that high of a market cap. They’re failing to realize that Financial Institutions move hundreds of trillions worldwide. If XRP captures a tiny fraction of that, it will catapult XRP to unprecedented levels,” he explains.
This highlights the vast, untapped market that XRP could penetrate. However, Farina does not provide exact figures, nor does he explain how much capital would have to flow into the cryptocurrency to reach the price of $10,000.
Besides that, Farina underscores XRP’s supposed technological superiority, particularly in terms of transaction speed and finality. “XRP settles value in real time (an average of 3 seconds) and with finality. BTC cannot do that, neither ETH nor SWIFT. Period,” he asserts, making a case for the tokens’ efficiency and reliability over existing systems.
Can Ripple Replace SWIFT?The discussion about whether XRP can reach a four- or five-digit price if Ripple replaces SWIFT or only a part of it is almost as old as the token itself. It was only recently that influencer Crypto Eri unearthed a five-year-old statement from Ripple CTO David Schwartz.
Schwartz outlined the positive correlation between an asset’s price and its liquidity. “Higher prices tend to correlate with higher liquidity, which means cheaper payments,” he noted, explaining that as the tokens’ value increases, it becomes a more viable medium for large-scale financial transfers. This ties back to Farina’s vision of the cryptocurrency disrupting the current financial systems.
Grayscale has also recently confirmed XRP’s potential to compete with SWIFT. In its latest “Currencies Crypto Sector” report, the company writes, “Beyond Bitcoin, XRP is the second largest asset. Designed as an alternative to SWIFT, XRP aims to offer fast cross-border payments at lower transaction costs than competitors.”
At press time, XRP traded at $0.6208.
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