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An analyst at U.S. bank %WellsFargo ($WFC ) is forecasting that the price of cryptocurrency %Ripple ($XRP ) could reach as high as $500 U.S.

Given that XRP is currently trading at just $0.69 U.S., the bullish forecast from Wells Fargo is generating media headlines and debate among crypto enthusiasts.

The XRP digital token has been on a tear this year, having gained 105% since January. However, its all-time high reached in April 2021 was only $1.65 U.S.

Shannon Thorpe, an analyst at Wells Fargo, says she sees a huge catalyst for the XRP token in a recent court ruling that determined the cryptocurrency is not a security such as a stock.

While other analysts have given XRP a price target as high as $10 U.S., the latest forecast from Wells Fargo is an outlier.

Yet the bank sees all major financial institutions moving to hold XRP tokens following the recent court decision, which could result in a big upswing for the smaller cryptocurrency.

On social media, cryptocurrency enthusiast are debating the merits of the Wells Fargo price prediction for XRP, with some people praising it and others calling it unrealistic.

Following the court ruling on July 13, XRP’s price surged 97%. Whether cryptocurrencies should be classified as securities is at the heart of efforts to regulate digital coins and tokens.

Several U.S.-based cryptocurrency exchanges that had previously delisted XRP, including %Coinbase ($COIN ), have relisted the digital asset following the court ruling.

XRP is the digital token of Ripple, a currency exchange and remittance network that facilitates secure and instant global financial transactions across blockchain networks.

Wells Fargo’s stock has gained 7% over the last 12 months to trade at $45.71 U.S. per share.