Ripple News: Mike McGlone Doubts XRP’s Value as Price Predictions Surge Above $10
Anjali Belgaumkar14 Jan 20251 min read
Ripple is back in the spotlight following the election of Donald Trump and Brad Garlinghouse’s ambitious plans with the former president. The price surged significantly after news of Gary Gensler’s resignation. With a new SEC chair in place and Brad’s recent dinner with Trump, it appears that things are finally starting to clear up for the coin.
In a recent podcast with Scott Melker, Bloomberg’s Mike McGlone expressed his confusion about the value of XRP, especially when comparing it to stablecoins like Tether. He noted that both XRP and Tether have market caps of around $100 billion to $140 billion, with crypto volumes growing daily. Despite this, he struggles to understand XRP’s value, given that stablecoins offer instant transactions with low costs and are generally considered secure. He questioned why XRP stands out in this context.
CEO and co-founder of CoinRoutes said that, “They (Ripple) believe their ledger will be used by the banking system to launch their own stablecoins or to use their stablecoin to do it. And if you believe that the XRP Ledger will be the technology that will underlie the replacement to Swift, you could come to a valuation somewhere between, you know, $7 and $10, which is not ridiculous.”
He continued, “I don’t talk about size ever, but I did because I looked at it and said, okay, they have the right connections, they have the regulatory headwinds that will be gone, and I think people are going to discount the fact that they’re going to have a real shot at being part of the backbone of the new financial system. I could have a $7 price target on my position, and that’s a really nice return. I mean, I don’t care. I’m not looking for 100x.”
