Shannon Thorp, an Operational Specialist at Citibank, has come under fire from the crypto community for her unfulfilled forecast that XRP could reach $500 within seven months.
Her prediction that XRP would reach between $100 and $500 within a few months garnered significant attention when it was posted on July 30 last year. However, as the deadline approaches, XRP’s price remains far below the predicted range.
Read Also: Top-Tier Banker Says XRP Can Rally 390,525% To Hit $2,500. Here’s why
The controversy stemmed from Thorp’s assertion that traditional methods of price prediction, including chart analysis and assessments based on utility and partnerships, were unreliable for XRP. Instead, she argued that the asset’s price would be driven by its potential to meet the burgeoning demand for cross-border payments within the multi-trillion-dollar market.
Thorp’s central argument rested on the limited supply of XRP relative to the potential demand from financial institutions seeking faster and cheaper settlement options. She posited that XRP’s price needed to significantly increase to effectively accommodate this demand, suggesting a range of $100 to $500 in four to seven months.
Criticism of Thorp’s Prediction
With the deadline getting closer, XRP is trading at $0.5341, showing a 1.69% decline over the last 24 hours and falling significantly short of the predicted price range.
This discrepancy has fueled criticism from ScamDaddy (@ScamDetective6), who highlighted the vast difference between the current price and Thorp’s projection. He pointed out that there were only 10 days left for Thorp’s prediction to come true and asked if XRP could make an 18,500% jump in just a few days.
ScamDaddy also pointed out that her post was seen by 1.7 million people, highlighting her influence in the financial world, and stated that her job in a bank added credence to her “poor prediction.”
Shannon has less than 10 days for her price prediction of $100-$500 near short term (4-7 months).
Do you think #XRP will pump 18,500% in the next few days?This post was seen by more than 1.7 million ppl &the fact that she worked for a bank lent credibly to her poor prediction. https://t.co/Racyk1d9Zz
— ⍼ ScamDaddy (@ScamDetective6) February 22, 2024
Will XRP Meet Thorp’s Expectations?
Thorp’s lack of response to the mounting criticism has further added to the controversy. While she initially defended her analysis against naysayers, she has remained silent as the deadline approaches and the discrepancy between prediction and reality widens.
This episode raises concerns about the potential for misinformation within the crypto space, particularly when forecasts are made by individuals associated with reputable financial institutions.
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Read Also: Former Ripple Director Hints at “Big News” for XRP
While Thorp’s intentions may have been genuine, the significant disparity between her prediction and the current market reality underscores the risks associated with price speculation while avoiding well-respected price analysis tools, especially in the volatile cryptocurrency market.
ScamDaddy is not the first person to call Thorp out for this prediction, as a prominent analyst recently criticized her comments against technical analysis. If XRP can not meet her target over the next few days, this might not be the last time the community calls her out on it.
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