This article is also available in Spanish.
Levi Rietveld, a popular cryptocurrency analyst with 122,000 followers on X, has released a new video detailing how XRP could rise to $60 overnight by capturing a small portion of SWIFT transaction volume. “XRP will hit $60 overnight with this SWIFT news! Here’s the math!! Via X teased.
How XRP price could rise to $60 overnight
In his analysis, Rietveld delves into the mechanisms of SWIFT, the global financial messaging network that processes a large portion of international payments. It highlights that SWIFT handles approximately $7 trillion daily, which amounts to about $1.5 quadrillion dollars annually.
“If XRP were to eat just 5% of SWIFT’s business, it would allow for a 1,252-fold increase in XRP volume compared to what we see now,” Rietveld explains. “This could translate into a more than 9,000% increase in XRP, which could push its price to around $50 per coin.”
Related reading
Rietveld also concludes that if the cryptocurrency captures 10% or 20% of SWIFT’s volume, the price of the cryptocurrency could rise to $100 or even exceed $200 per coin, respectively. “The amount of price impact we can see for XRP if we take up a very small portion of the total volume of SWIFT is crazy,” he asserts.
He argues that cryptoassets offer significant advantages over traditional SWIFT transactions, including faster settlement times, lower fees, and eliminating the need for banks to hold large reserves in multiple currencies. “It’s cheaper, faster, more reliable, and costs companies a lot less money to use overall because they don’t need to hold these huge reserves of every currency out there, they just hold XRP,” Rietveld points out.
Related reading
Rietveld also discusses the potential for a supply shock if institutions start accumulating crypto assets. He notes that a significant portion of the token is locked in escrow, and institutional demand may exceed available public supply. “That’s not enough, frankly. That’s not enough XRP for all these institutions, so they’ll have to buy from the public supply – the XRP that you and I buy.” With how limited the XRP supply already is, this will allow us to see the price of like never before.”
Looking to the future, Rietveld is optimistic about the long-term prospects. “I can literally see this thing going to $200 per coin very easily, and I think that’s something we could actually see happening within the next 10 years — not in the next five years, but in the next 10 years,” he predicted. “However, next year, I believe XRP will exceed $10 – there is no doubt about that in my mind.”
$XRP You’ll hit $60 overnight with this quick news! Here’s the math!! pic.twitter.com/lbQPeSVD3j
— Levi | Cryptocurrency Crusaders (@LeviRietveld) October 9, 2024
At press time, XRP was trading at $0.5266.
Featured image created with DALL.E, a chart from TradingView.com