In a recent inquiry, we turned to OpenAI’s ChatGPT to forecast the potential value of XRP if Bitcoin were to reach a new peak of $155,000. This inquiry comes in the wake of market analysts suggesting that Bitcoin could indeed reach this price point, following its recent re-entry at $71,000. However, XRP has been underwhelming, with concerns that it may revisit the $0.4 price channel in the past 24 hours.
ChatGPT acknowledged the complexity of estimating XRP’s price in the event of Bitcoin reaching $155,000. While acknowledging the absence of a straightforward method to determine XRP’s value based on Bitcoin’s price, ChatGPT noted that looking at past trends may provide some insights. It highlighted the historical correlation between the movement of Bitcoin and altcoins like XRP, emphasizing that a significant surge in Bitcoin often leads to a proportional increase in altcoins.
Furthermore, ChatGPT pointed out that as Bitcoin approaches $155,000, its dominance in the market would play a crucial role in determining the fate of altcoins. If Bitcoin maintains a high dominance even after reaching this milestone, altcoins may not experience comparable price increases. Conversely, a decline in Bitcoin’s dominance could redirect investment into altcoins like XRP.
To support this perspective, ChatGPT referred to historical records, such as the 2017 cycle when XRP reached its peak at $3.84 after Bitcoin surpassed $20,000. Notably, XRP outperformed Bitcoin by achieving a price gain of over 750 times its initial value.
To assess XRP’s outlook for the current season, ChatGPT considered the peak values of Bitcoin and XRP in the 2021 cycle. Based on a ratio of 2.25, derived from 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 the year, XRP has significantly declined from its peak in 2021. Presently, XRP is trading at $0.5199. Applying Bitcoin’s projected growth ratio of 2.25 would indicate that XRP’s achievable price point would be around $1.16.
Despite ChatGPT’s projection, independent analysts strongly disagree with this outlook. They believe that if Bitcoin were to reach $155,000, XRP would also set a new all-time high. For instance, Crypto Benny, who previously forecasted 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 opinions expressed in this article are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, and The Crypto Basic bears no responsibility for any financial losses incurred.