In a stunning claim, Reaper CEO Patrick L. Riley predicted that XRP might be worth a million dollars by 2030. The tweet made reference to Ark’s Cathie Wood’s Bitcoin price prediction in answer to a user’s query about what would be worth $1 million in 2030.
Riley who heads the Austin Texas-based Blockchain Financial firm has caught everyone’s attention with the bold claim. Typically, XRP’s price estimation has reached the $1,000 mark, sometimes five digits, or even as high as $600k.
Interestingly Reaper Financial joined the lawsuit by filing an amicus brief in support of Ripple.
That said, the $1 million forecast might look far-fetched as it is roughly a 4,200% increase from Bitcoin’s current level of $22,901.
This meant that XRP would have to rally nearly 400 million percent from its current price of $0.39 to attain the $1 million mark.
Currently, Ripple is embroiled in a legal battle with the SEC, for the alleged sale of $1.3 billion worth of XRP as an unregistered security offering.
The outcome, many believe would provide much-needed clarity to the crypto industry and in return impact the token’s price.
In a recent tweet, Ripple CTO David Schwartz spoke out about the XRP buyback proposal that was first raised in 2021 and has now resurfaced again but this time with a newer version.
Jimmy Vallee, CEO of Valhil Capital, brought up the contentious concept once more, sparking a new round of frenzied discussion on Twitter.
XRP Buyback Proposal Gets A Thumbs Down Fron Ripple CTO
The theory predicts that XRP will overtake USD as the world’s reserve currency when global government debt soars, all banks migrate to ISO 20022, and the token would be used for international financial transactions.
Governments all across the world would therefore be required to purchase huge quantities of XRP.
Schwartz, though, gives the XRP buyback idea a negative review. On the surface, it appears to be fraud, according to Schwartz. The Ripple CTO admitted he hadn’t given the hypothesis much thought, but he compared it to the scams that occurred in 2012 and 2022.
“I haven’t looked at it very closely. But what I have seen looks an awful lot like a scam to me. If we’ve learned anything from 2012 and 2022 it’s that anyone promising high returns with low risk is almost certainly going to rob you,” Schwartz said.