There no fundamental upside constraints to the price of a thing which is traded on a Market.

I have said this for a long time, long before stumbling upon Ripple, and long before Bitcoin ever existed. “Money does not exist, only Value does… and Value is only an Opinion”. There is no limit to people’s opinion, only their ability and willingness to buy at that opinion, aka price.

Utility Value — XRP is inherently tied to RCL. The more utility which RCL enables the more utility value could accrue to XRP.

I have seen folks make a comparison to SWIFT and state that the valuation cannot exceed that of SWIFT. There is a strain of logic in that statement, however enabling an “Internet of Value”, will open up a major Market Segment in the Payments Market, ie Micro-Payments & RCL opens up Micro-International FX enabled-Payments. So making the SWIFT market size comparison is an apple-to -orange comparison, to me it sets a Floor for valuation.

Think of someone saying, “Uber could never exceed the value of the largest Taxi company, or all Taxi companies”, this just sounds silly, but there is a shred of truth to the statement. These sorts of paradigm shifts often yield an order of magnitude amount of growth. So if SWIFT is worth 1 million, Ripple Inc + RCL’s XRP could end up being worth 10 million.

Liquidity begets Liquidity — RCL is a market place. Starting a new market place always comes with a prime-the-pump problem for the founder. You need Buyers to attract Sellers, and you need Sellers to attract Buyers. Once the pump is primed, more folks attract more folks, and this will continue at some rate of compounding. Till the market reaches the size of it’s share of the “total addressable market”.
You could look to global international Correspondent Banking, and other payment rails and sort of make a SWIFT type of argument for the upper bound, but I think like the SWIFT argument this ignores growth in the “total addressable market”.

The real answer, is that there is not a Real answer to the question.

The only thing that you can really do is observe the forming of people’s Opinion.

Observe Who’s opinion is being formed, What their opinion is, and Who they are influencing to become the new people that are forming an opinion on the market/subject/asset/etc.

When observing someone’s opinion, Actions speak louder than words. What I am specifically saying here, regarding XRP & RCL… is that Use of RCL, How and by Who, will matter to the market’s opinion over time.

The most important opinion is Yours.