XRP Could Surge To $60 Overnight Using SWIFT Model, Expert Says
Levi Rietveld, a popular crypto analyst with 122,000 followers on X, has released a new video detailing how XRP could potentially surge to $60 overnight by capturing a fraction of SWIFTs transaction volume. XRP will hit $60 overnight with this SWIFT news! Heres the math!! he teased via X.
How XRP Could Skyrocket To $60 Overnight
In his analysis, Rietveld delves into the mechanics of SWIFT, the global financial messaging network that processes a significant portion of international payments. He highlights that SWIFT handles approximately $7 trillion per day, amounting to about $1.5 quadrillion annually.
If XRP was to eat into just 5% of SWIFTs business, it would allow an increase of 1,252 times in volume for XRP compared to what we are seeing right now, Rietveld explains. This could translate into an over 9,000% increase for XRP, potentially pushing its price to around $50 per coin.
Rietveld further extrapolates that if the cryptocurrency were to capture 10% or 20% of SWIFTs volume, the cryptocurrencys price could soar to $100 or even exceed $200 per coin, respectively. The amount of price impact that we are able to see for XRP if we eat into just a very small portion of SWIFTs overall volume is insane, he emphasizes.
He argues that the crypto asset offers significant advantages over traditional SWIFT transactions, including faster settlement times, lower fees, and the elimination of the need for banks to hold large reserves in multiple currencies. Its cheaper, its faster, its more reliable, and it costs businesses a lot less money to use overall because they dont need to hold these massive reserves of every single currency that existsthey just hold XRP, Rietveld notes.
Rietveld also discusses the potential for a supply shock if institutions begin accumulating the crypto asset. He points out that a substantial portion of the token is locked in escrow, and institutional demand could exceed the available public supply. Thats not enough, frankly speaking. Thats not enough XRP for all these institutions, so theyre going to have to buy from the public supplythe XRP that me and you are buying, he says. With how limited the XRP supply is already, its going to allow us to see XRPs price just catapult to levels never seen before.
Looking ahead, Rietveld is optimistic about long-term prospects. I could literally see this thing going to $200 per coin very easily, and I think this is something that we could actually see happen within the next 10 yearsnot in the next five, but in the next 10 years, he predicts. This next year, though, I do think that XRP is going to be going above $10not a doubt in my mind.
$XRP WILL HIT $60 OVERNIGHT WITH THIS SWIFT NEWS! Heres The Math!! pic.twitter.com/lbQPeSVD3j
Levi | Crypto Crusaders (@LeviRietveld) October 9, 2024
At press time, XRP traded at $0.5266.
Read more: https://www.newsbtc.com/xrp-news/xrp-surge-to-60-overnight-swift-model/
Text source: NewsBTC
