Grok, an AI chatbot integrated into Elon Musk’s X social platform, recently brought attention to the historical performance of XRP following the three previous Bitcoin halvings.
The highly anticipated Bitcoin halving event has officially taken place, as confirmed by on-chain data. The event occurred at the 840,000th Bitcoin block at exactly 12:09 AM (UTC).
Prior to the recent halving, experts and industry commentators discussed the impact on the price of Bitcoin (BTC) and the broader crypto market in previous halvings, in search of a pattern of positive price movements. One of these commentators was Digital Asset Investor (DAI), a prominent figure in the XRP community and media.
XRP’s performance following each of the previous Bitcoin halvings was analyzed using Grok AI by DAI. To provide context, Bitcoin has experienced three halvings prior to the most recent one. The first halving occurred on November 28, 2012, the second on July 9, 2016, and the third on May 11, 2020.
DAI used Grok to gain insights into how XRP performed after each of these halvings, specifically after 30 days, 60 days, 90 days, 120 days, and 1 year. Grok rightfully stated that there is no data available for XRP’s price response to the 2012 halving, as it began trading publicly in 2013.
Regarding the second halving, XRP saw a 4.85% increase after 30 days and a 5.54% rise after 90 days. After 120 days, XRP increased by 21.88% to reach $0.0063. However, a year after the halving, XRP’s price retraced and dropped by 50.72% to the $0.002 territory in July 2017.
The third halving, which occurred in May 2022, led to a similar but more positive price action. Notably, XRP increased by 2.2% after 30 days and by 0.75% after 60 days. Over a 120-day period, XRP rose by 21.46% and then spiked by a massive 521.78% a year later, reaching a price level of $1.25.
DAI highlighted that the 120-day period consistently showed the most attractive price action, with XRP rising by 21.88% after the second halving and 21.46% after the third halving. He expects XRP to replicate this positive movement in the current halving, but at a higher rate due to recent developments.
These developments include the potential resolution of the SEC vs. Ripple litigation, the upcoming launch of Ripple’s stablecoin, the potential introduction of stablecoin legislation by the U.S. Congress, and XRP’s status as the only cryptocurrency with legal clarity.
With the recent halving event, it is expected that XRP will experience similar or higher price movements in 120 days, around mid-August. The average price increase after 120 days is 21.67%. If XRP follows this rate, its price could experience a slight push to $0.6233.
However, considering the bullish developments surrounding the XRP ecosystem, this increase could be amplified up to five times, resulting in a 108% increase. If XRP rises at this rate in the next 120 days, its price could surpass the $1 mark and reach $1.06 by August.
Nevertheless, many market watchers believe that this target is an underestimate, with some projecting prices as high as $27. Analyst Leb predicted that XRP could reach $3.84 before or immediately after the halving. Additionally, The Crypto Basic recently discovered that if XRP replicates its entire price movements after the 2020 halving, its value could skyrocket to $5.2.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses.