Grok, an artificial intelligence chatbot created by Elon Musk’s X Corps, has suggested that the price of XRP could potentially reach $1,000 if its total trading volume reaches $50 trillion.
Despite the ongoing bull market, the price of XRP has struggled to break through key psychological levels. While Bitcoin has reached a new all-time high and some other altcoins have seen significant gains, XRP has remained below the $0.75 mark.
This is not the first time XRP has faced challenges during a bull run. In 2021, it failed to surpass the $2 mark despite the overall market performing well. Some attribute XRP’s lackluster performance to the SEC lawsuit, while others believe Ripple’s consistent sales have kept the price down, a claim that Ripple CTO David Schwartz has repeatedly refuted.
Speculation about XRP’s fair value has been circulating, with some market participants basing their predictions on metrics such as trading volume and adoption rates. Some have even suggested that XRP could potentially reach $1,000 if it achieves a trading volume similar to that of JPMorgan.
Recently, a member of the Texas-based XRP community, Pollux, asked Grok what the price of XRP could be if it reached a $50 trillion trading volume. Grok responded by saying that the price could hypothetically reach $1,000 based on a circulating supply of 50 billion XRP tokens.
While Grok’s evaluation simplifies the relationship between trading volume and price, it is important to consider other factors such as market cap and circulating supply when predicting price movements. A fair value calculator developed by Susan Athney and Robert Mitchnick also suggests a potentially ambitious price target for XRP at a $50 trillion trading volume.
It is worth noting that Athney and Mitchnick’s calculator focuses on daily trading volume, while Grok’s assessment is based on total trade volume. Regardless, the chances of XRP reaching these projections are considered to be very low. Currently, XRP is trading at $0.4915 with a daily volume of $1.54 billion.
This article serves as informational content and should not be taken as financial advice. Readers are advised to conduct their own research before making any investment decisions. The opinions expressed in this article are those of the author and do not necessarily reflect those of The Crypto Basic.