Elon Musk’s X Corps has developed an AI chatbot named Grok, which predicts that the price of XRP could potentially reach $1,000 if its total trading volume spikes to $50 trillion.
Despite the ongoing bull market, XRP has been struggling to surpass key psychological levels. Even as Bitcoin (BTC) reaches new all-time highs and some altcoins hit three-year highs, XRP has remained stuck below the $0.75 mark.
This is not the first time XRP has faced such challenges. During the previous bull run in 2021, it failed to breach the $2 price point, missing out on significant gains seen by other cryptocurrencies.
Some attribute XRP’s underperformance to the SEC lawsuit, while others point to Ripple’s consistent sales as a factor in price suppression. Ripple CTO David Schwartz has dismissed the latter claim. Amidst these debates, speculation on XRP’s fair value has emerged.
Market participants are using various metrics to speculate on XRP’s potential price, with some suggesting that a higher trading volume could push the price to $1,000. For example, The Crypto Basic recently reported that if XRP can replicate a portion of JPMorgan’s $10 trillion volume, it could hit the $1,000 mark.
Recently, a Texas-based XRP community member named Pollux asked Grok what the price of XRP could be if it reached a $50 trillion trading volume. Grok responded by suggesting that the price could theoretically surge to $1,000 given a circulating supply of 50 billion XRP tokens.
While Grok’s assessment has drawn attention, it is important to note that the correlation between trading volume and price is oversimplified. Market cap and circulating supply have a more direct impact on prices.
A fair value calculator developed by Susan Athney and Robert Mitchnick presents a more ambitious target for XRP’s price at a $50 trillion trading volume. This calculator predicts XRP could reach $3,377 under certain conditions.
However, it is crucial to understand that these projections are based on different types of trading volumes. The likelihood of XRP reaching these levels remains very low. Currently, XRP is trading at $0.4915 with a daily volume of $1.54 billion.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are personal and do not represent The Crypto Basic. Readers are advised to conduct their own research before making investment decisions. The Crypto Basic is not liable for any financial losses incurred.
