XRP is once again under the spotlight after a resurfaced academic paper from a senior BlackRock executive suggested its fair value could reach an ambitious $32. The discussion has gained momentum following renewed attention from market analyst AllInCrypto, who highlighted the findings from the 2018 paper co-authored by Robert Mitchnick, now BlackRock’s Head of Digital Assets, and noted Stanford economist Susan Athey.

Visual depiction symbolizing XRP’s evolving role in global digital asset systems.

Revisiting the 2018 XRP Valuation Paper

The academic report, penned during a period of intense interest in blockchain technologies, focused on the utility and adoption of XRP in facilitating global payments. Mitchnick and Athey built their valuation model on projected transaction volumes and XRP’s potential as a liquidity bridge for cross-border banking. According to their estimates, XRP’s optimal value could scale as high as $32 under certain widespread adoption scenarios.

The model outlined multiple use cases that positioned XRP within an expansive global remittance and settlement framework. By analyzing transaction cost savings, reduced foreign exchange friction, and improved liquidity efficiency, the authors proposed potential scenarios that could dramatically increase XRP demand — and with it, price.

Why the Industry Is Paying Attention Now

Although the paper was written in 2018, it has gained a second wind in 2025 due to two major factors: Robert Mitchnick’s current role at BlackRock, and the growing institutional interest in tokenized finance and blockchain solutions. With Mitchnick now steering digital asset strategy at the world’s largest asset manager, many in the crypto community are re-evaluating earlier insights from his academic work as possible reflections of his long-term vision for the space.

Market commentator AllInCrypto brought fresh attention to the study in a recent analysis, suggesting that such a valuation might not be out of the question if Ripple and XRP gain institutional momentum. Given the shifting regulatory landscape and Ripple’s continued partnerships with global banks and payment providers, the community is debating whether XRP could realistically approach this valuation over time.

How Realistic Is the $32 Price Tag?

While an XRP valuation of $32 is bold, it’s important to recognize the assumptions behind the model. The paper’s thesis depends heavily on XRP becoming a central component of cross-border settlements on a massive scale. This level of global integration would require regulatory clarity, mainstream bank adoption, and significant increases in transaction volume.

Nevertheless, with Ripple steadily expanding its partnerships and use cases, and with traditional finance increasingly exploring blockchain and tokenized payments, the prospect doesn’t seem as far-fetched as it once did. XRP supporters argue that even gradual progress in institutional integration could drive meaningful upward price pressure.

Looking Ahead

The resurfacing of this estimate has sparked lively discussion across the crypto and fintech communities. Though the $32 fair value is far from a prediction, it represents a vision of what XRP could potentially achieve under ideal market adoption conditions. For now, investors will be watching both Ripple’s ongoing legal affairs and new corporate alliances for signs that XRP could be positioned to fulfill such a role in the future.

Related: XRP Price: $12M Max Pain for Bears

As institutional giants like BlackRock delve deeper into digital assets, past insights from their executives and strategists are increasingly being reinterpreted as possible indicators of where the next frontier of finance may be heading.