Grok, an artificial intelligence chatbot developed by Elon Musk’s X Corps, said that if the total transaction volume of XRP surges to $50 trillion, the price could reach the $1,000 level.
The price of XRP has failed to break above a key psychological level amid the ongoing bull run. Despite Bitcoin (BTC) hitting new all-time highs (ATH) and a number of other altcoins reaching three-year highs, XRP has been unable to break above the $0.75 level during its bull run uptrend.
XRP also had a similar trend during the previous bull run in 2021. It failed to break above the $2 level and failed to record any significant gains at the peak of the bull run in November 2021, as other cryptocurrencies set new all-time highs.
Some in the community have attributed XRP’s poor performance to the ongoing SEC lawsuit. Meanwhile, others have suggested that Ripple’s ongoing sales have played a role in suppressing prices, a claim that Ripple CTO David Schwartz has consistently denied. Amid these claims, speculation has emerged about the fair value of XRP.
Market participants base these speculations on several indicators, including the higher trading volumes expected for XRP as it gains more adoption. For example, The Crypto Basic reported yesterday that some community commentators predicted that if XRP could replicate even a fraction of JPMorgan’s $10 trillion in trading volume, its price would reach $1,000.
Recently, Texas-based XRP community member Pollux asked the AI chatbot Grok what the price of XRP might be if its trading volume reached $50 trillion. Grok responded by saying that if $50 trillion in transaction volume is reached, the price of XRP could theoretically surge to $1,000. The chatbot cited a circulating supply of 5 billion XRP tokens.
Community figure Amelie drew public attention to this assessment in a post on X. However, Grok stressed that his assessment attempts to draw a direct correlation between volume and price, which is an oversimplification. It’s worth noting that price tends to be more directly correlated with market cap and circulating supply.
Meanwhile, the web version of the XRP Fair Value Calculator, developed by Susan Athney and Robert Mitchnick, proposes an even more ambitious price target if $50 trillion in trading volume can be secured.
The Crypto Basic used this calculator to determine the price of XRP at $50 trillion in trading volume. For the circulating supply, we set a value of 58 billion XRP, while storing value at $30 billion. In addition, we set the average transaction time between 1 XRP to 5 days. Based on these metrics, the calculator projects XRP to reach $3,377 at $50 trillion in trading volume.
The Athney and Mitchnick calculator highlights a daily volume of $50 trillion, while Grok’s assessment is based on a total volume of $50 trillion. Either way, the chances of XRP hitting these predictions are extremely low. XRP is currently trading at $0.4915 with a daily trading 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 may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to perform adequate research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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