XRP experienced a similar pattern in the previous bull market in 2021. While other cryptocurrencies hit all-time highs, it did not break the $2 price point, and there was no significant increase during the peak of the bull market in November 2021.
Some community members attributed XRP's poor performance to the ongoing SEC lawsuit. Meanwhile, others believed that the continued sales by Ripple led to price suppression, a claim that Ripple's Chief Technology Officer, David Schwartz, has been debunking. Speculation about the fair value of XRP has emerged based on these claims.
Market participants have built these speculations on multiple indicators, including the expected higher trading volume when XRP gains more adoption. For example, The Crypto Basic reported yesterday that some community commentators predicted that if XRP replicated a fraction of JPMorgan's $10 trillion trading volume, it would reach $1000.
Recently, Pollux, a member of the XRP community based in Texas, asked the AI chatbot Grok what the price of XRP would be if it achieved a transaction volume of $50 trillion. In response, Grok stated that if XRP's transaction volume reached $50 trillion, its price would soar to $1000, citing a circulating supply of 500 billion XRP tokens.
Amelie, a community figure, raised attention to this assessment in a post on X. However, Grok emphasized that their assessment attempted to establish a direct correlation between transaction volume and price, which oversimplified the matter. It's worth noting that price tends to be more directly related to market cap and circulating supply.
