Wells Fargo Analyst Slams XRP Army’s Divisive Price Predictions
Shannon Thorp, a Wells Fargo analyst recently took to Twitter to share her observations on the divided nature of the XRP Army and the contrasting approaches they take when predicting XRP’s price.
The Divided XRP Army
The XRP Army, a passionate community of XRP enthusiasts, has been an influential force in promoting the cryptocurrency’s use case and potential. However, Thorp highlights a growing division within the community concerning the basis of price predictions for XRP. She noted that two distinct groups have emerged, the chart followers and utility believers.
The chart followers are those who heavily relies on technical analysis, studying historical price patterns and trends, particularly in relation to Bitcoin (BTC), to forecast short-term price movements of XRP.
People have long asked what will be the price of $XRP, when will this “utility” come? In my opinion, now more than ever I see a divided #XRPArmy! One side looking at only charts, taking cues from the past and trends that follow Bitcoin to draw short term price predictions. Whilst…
— Shannon Thorp (@thorpshannon87) July 29, 2023
On the other hand, the second group known as utility believers is composed of individuals who emphasize XRP’s utility and the partnerships around Ripple, the company behind XRP, established over the years.
The Wells Fargo analyst expresses skepticism about both sides of the XRP Army’s divided approach to price predictions. According to her, neither the chart followers nor the utility believers have been consistently accurate in their forecasts, leading to uncertainties within the XRP community.
Additionally, the analyst argues against making price predictions based on XRP’s classification as a security. She contends that such an approach is counterintuitive and fails to align with the original vision of Ripple.
Comprehensive Approach to Price Forecast
Thorp acknowledged many variables which come into play when predicting XRP’s price including circulating supply, the rate of XRP burn (destruction of XRP tokens after transactions), and the expansion of XRP’s use cases over time.
The analyst provides a distinct perspective by taking into consideration multiple elements in XRP’s price estimate. The projection seeks to offer a more comprehensive perspective of XRP’s worth by taking into account all XRP held by banks, liquidity providers, governments, and individuals.
The analyst predicts price ranges from $100 to $500 in the near term (within 4 – 7 months).
Thorp believes that a pivotal moment will trigger a significant change in the evaluation and pricing of XRP, potentially likening it to the status of gold. This, coupled with global bank adoption and partnerships, could lead to the predicted price range for the coin.
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