BlackRock Inc entered into a partnership with Coinbase Global Inc in a bid to provide digital asset exposure to its users. However, an expert suggests that this deal is a win-win situation for Ripple’s XRP token.
XRP to reach $32 by 2030?
As per WrathofKahneman, BlackRock joining forces with Coinbase will bring a huge amount of money to the crypto market. He mentioned that Robert Mitchnick is the head of Blackrock’s Digital Asset division. Mitchnick is one of the 2 authors of the XRP model from 2017.
Kahneman highlighted that BlackRock hired Ripple Executive back in 2019 to lead the division of its digital assets. In 2018, Susan Athey a Stanford professor, and Mitchnick published a paper on the value of Bitcoin and XRP tokens. However, Athey is now a Ripple Board member.
He added that the 2018 valuations paper highlighted that If XRP proves to be successful then it would value between $6.37 to $32.91.
Interestingly, one of the authors is working with Coinbase while the other is on Ripple’s board. Meanwhile, Coinbase delisted XRP over the legal tussle between Ripple and SEC.
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Valuation papers lay 3 main criteria
However, Kahneman added that there are a 0couple of important things that came out of the paper. It mentioned the steady state of demand. This includes the full and best case scenarios of XRP. The paper did not include sidechains or NFTs as it wasn’t out by then.
The most interesting part of this paper is that it forecast this success range for around 12 years. So, the year has been their consideration. As per the valuation paper, XRP is expected to reach $6-$30 by 2030.
As of now, XRP token has registered a surge of more than 12% in the last 30 days. It is trading at an average price of $0.381, at the press time. However, XRP’s 24 hour trading volume has jumped by over 81% to stand at $871.5 million.