In a recent inquiry, we turned to OpenAI’s ChatGPT to provide insights on the potential value of XRP in a scenario where Bitcoin reaches a new peak at $155,000.
This inquiry arises as market analysts speculate that the premier cryptocurrency could reach $155,000, following its recent re-entry at $71,000. However, XRP has been underwhelming, with the possibility of testing the $0.4 price channel in the last 24 hours.
When asked about XRP’s price in the event of Bitcoin reaching $155,000, ChatGPT acknowledged the complexity of estimating it. While there is no direct method to determine XRP’s value from Bitcoin’s price, ChatGPT suggested that past trends might provide some clues.
The AI chatbot highlighted the historical correlation between the movement of Bitcoin and altcoins like XRP. It noted that a significant surge in Bitcoin usually leads to a proportionate increase in altcoins.
Furthermore, ChatGPT emphasized that Bitcoin’s dominance would play a crucial role in determining the fate of altcoins as it approaches $155,000. If Bitcoin maintains a high dominance, altcoins may not experience comparable gains. However, a decline in Bitcoin’s dominance could redirect investment towards altcoins such as XRP.
To support this perspective, ChatGPT referred to historical records, specifically the 2017 cycle when XRP reached its peak of $3.84 after Bitcoin settled above $20,000. Notably, XRP outperformed Bitcoin with a price gain of over 750 times.
To gauge XRP’s outlook for this season, ChatGPT analyzed the peak values of Bitcoin and XRP in the 2021 cycle. Based on a ratio of 2.25, reflecting Bitcoin’s increase from approximately $69,000 to $155,000, ChatGPT projected a similar growth ratio for XRP. Applying this ratio suggests that XRP’s 2021 high of $1.96 could potentially rise to $4.41.
However, unlike Bitcoin, which is currently near its all-time high for 2021, XRP is significantly below its peak. Currently trading at $0.5199, applying Bitcoin’s projected growth ratio of 2.25 suggests that XRP’s achievable price point would be $1.16.
Despite ChatGPT’s projections, independent analysts strongly disagree with this outlook. They believe that if Bitcoin reaches $155,000, XRP would also set a new all-time high. For instance, Crypto Benny, who recently projected the $155,000 price for Bitcoin, has set a target of $5 for XRP.
It is important to note that this content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic holds no responsibility for any financial losses incurred.