Elon Musk’s Grok AI Suggests XRP Could Reach $1,000 if It Hits a Trading Volume of $50T

Elon Musk’s Grok AI Suggests XRP Could Reach $1,000 if It Hits a Trading Volume of $50T

Time Stamp: June 19, 2024 2:52 AM

Grok, an AI chatbot developed by Elon Musk’s X Corps, suggests XRP price could reach the $1,000 level if its total trading volume spikes to $50 trillion.

The price of XRP has failed to surpass crucial psychological levels throughout the ongoing bull market. Amid the uptrend recorded in the bull run, XRP has not been able to push above the $0.75 territory despite Bitcoin (BTC) reaching a new all-time high (ATH) and some altcoins clinching three-year highs.

XRP experienced a similar pattern in the previous bull run in 2021. While other cryptocurrencies witnessed new all-time highs, it could not breach the $2 price point, failing to record any significant upsurge at the peak of the bull market in November 2021. 

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Some community figures have attributed XRP’s underperformance to the ongoing SEC lawsuit. Meanwhile, others believe Ripple’s consistent sales have contributed to a price suppression, a claim Ripple CTO David Schwartz has consistently debunked. Amid these claims, speculation around XRP’s fair value has emerged.

Market participants base these speculations on multiple metrics, including a projected higher trading volume for XRP when it garners increased adoption. For instance, The Crypto Basic reported yesterday that some community commentators have projected XRP to hit $1,000 if it replicates a portion of JPMorgan’s $10 trillion volume.

Grok Sets XRP Price at $1,000 on $50T Volume

Most recently, Pollux, a Texas-based XRP community member, asked AI chatbot Grok what XRP price could be if it secures a $50 trillion volume. In response, Grok suggested that XRP’s price would hypothetically surge to $1,000 if it reaches a trading volume of $50 trillion. The chatbot cited a circulating supply of 50 billion XRP tokens.

Community figure Amelie drew the public’s attention to this evaluation in a post on X. However, Grok emphasized that its assessment tries to create a direct correlation between trading volume and price, which is an oversimplification. Notably, prices tend to correlate more directly with market cap and circulating supply.

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Meanwhile, the web-based version of the XRP fair value calculator developed by Susan Athney and Robert Mitchnick presents a more ambitious price target for XRP if it can secure a $50 trillion trading volume.

The Crypto Basic leveraged the calculator to ascertain XRP price at a $50 trillion volume. For the circulating supply, we set a 58 billion XRP value, while putting up the store of value at $30 billion. In addition, we set the average time between transactions for 1 XRP to 5 days. With these metrics, the calculator sees XRP at $3,377 with a volume of $50 trillion.

Athney and Mitchnick XRP Price Calculator
Athney and Mitchnick XRP Price Calculator

However, it is important to note that the Athney and Mitchnick calculator highlights a DAILY trading volume of $50 trillion, while Grok’s evaluation is based on a TOTAL trade volume of $50 trillion. Either way, the chances of XRP reaching any of these projections are extremely low. XRP currently trades for $0.4915 with a daily volume of $1.54 billion.

Disclaimer: This content is informational 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 Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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