Grok, an AI chatbot integrated into Elon Musk’s social platform X, recently brought attention to the historical performance of XRP following the past three Bitcoin halvings.
The Bitcoin halving, which is one of the most highly anticipated events in the cryptocurrency industry, has officially occurred. On-chain data confirms that this year’s halving took place at the 840,000th Bitcoin block at exactly 12:09 AM (UTC).
Leading up to the recent halving, market observers and industry experts discussed the impact of previous halvings on Bitcoin and the wider crypto market, hoping to identify a pattern of positive price movements. One commentator, Digital Asset Investor (DAI), a prominent figure in the XRP community, used Grok AI to gain insights into XRP’s performance after each past Bitcoin halving event.
To provide context, Bitcoin has experienced three halvings before 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 asked Grok to provide an overview of how XRP performed following each of these halvings, particularly after 30 days, 60 days, 90 days, 120 days, and 1 year. Grok correctly noted in its response that there is no data available for XRP’s price response to the 2012 halving, as it did not have publicly traded prices until 2013.
Regarding the second halving, XRP saw a 4.85% increase after 30 days, followed by a 5.54% increase after 90 days. After 120 days, XRP increased by 21.88% to $0.0063. However, one 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, resulted in a similar but more positive price action. XRP increased by 2.2% after 30 days and 0.75% after 60 days. Over a 120-day period, XRP rose by 21.46% and then spiked by a massive 521.78% one year later, reaching a price level of $1.25.
Reflecting on this overview, DAI highlighted that the 120-day period has consistently shown attractive price action, with XRP increasing by 21.88% after the second halving and 21.46% after the third halving. He expects XRP to replicate this positive movement after the recent halving, but at a higher rate due to recent developments.
These developments include the potential resolution of the SEC vs. Ripple lawsuit, Ripple’s upcoming stablecoin launch later this year, the potential introduction of stablecoin legislation by the U.S. Congress, and XRP’s legal clarity as the only cryptocurrency.
With the recent halving event now behind us, it is expected that XRP will experience similar or higher price movements 120 days later, around mid-August. The average price increase after 120 days is 21.67%. If XRP follows this rate, its price could reach $0.6233.
However, considering the bullish developments surrounding the XRP ecosystem mentioned earlier, 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, specifically reaching $1.06 by August.
Nevertheless, many market observers believe that this target is an underestimate, with some projecting prices as high as $27. Leb, another analyst, predicted XRP to 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 views expressed in this article may include the author’s personal opinions and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.