Hypothetical analysis suggests that the daily trading volume of XRP may need to surge to $40 billion to achieve a double-digit price.
XRP ranks among the primary beneficiaries of the latest mini-bull run, setting a new monthly high at $0.5682 early today. With a floor price of $0.55 at press time, XRP has surged by over 25% within the last seven days.
XRP’s significant gain over the past 24 hours is reflected in its trading volume. Market participants have exchanged a staggering $2,212,069,038 in XRP today, a substantial 54% increase from the value obtainable in the previous day.
As of July 6, when XRP sold for a low of $0.4242, the asset garnered a 24-hour volume of only $723.56 million. Considering the substantial volume XRP wields today, The Crypto Basic examines the daily trading volume the seventh-largest cryptocurrency might need to achieve to see its market value in the double-digit range. Notably, this assessment leverages estimations from OpenAI’s ChatGPT.
XRP May Need $40B in Daily Volume
Trading in double figures implies a price of at least $10 for XRP. Consequently, this prominent AI tool first estimated the price increase ratio of XRP reaching $10 versus its current market value of approximately $0.55.
In particular, XRP demands a growth of over 1,700% to attain a market value above $10, an increase factor of 18.18. ChatGPT assumed a scenario where a proportionate growth in current daily volume would be akin to a similar growth in market value.
As a result, it multiplied XRP’s current trading volume of $2,212,069,038 by the growth factor needed to reach $10, which resulted in a hypothetical daily volume of over $40.24 billion.
How Formidable $40B Trading Volume is for XRP
Presently, only two crypto assets, Bitcoin and USDT, are experiencing daily trading volumes exceeding $40 billion. As of press time, Bitcoin’s volume is $38.11 billion, while USDT’s volume reaches $70.9 billion. In contrast, Ethereum, the altcoin market leader, sees a significantly lower volume of $18.85 billion.
One of the highest trading volumes XRP has recorded was on July 13, 2023, with a volume of $10.39 billion, coinciding with the court ruling that XRP is not a security. When XRP traded at an all-time high (ATH) of $3.84 in January 2018, it saw a volume of $8.1 billion.
Notably, ChatGPT cautioned that the calculation proposing a $40 billion is an oversimplification, as real-world market dynamics are far more intricate. It stressed that many factors could significantly impact the actual trading volume required for XRP to reach $10. They include market liquidity, investor sentiment, prevailing market conditions, and broader economic influences.
Hypothetical analysis suggests that the daily trading volume of XRP may need to surge to $40 billion to achieve a double-digit price.
XRP ranks among the primary beneficiaries of the latest mini-bull run, setting a new monthly high at $0.5682 early today. With a floor price of $0.55 at press time, XRP has surged by over 25% within the last seven days.
XRP’s significant gain over the past 24 hours is reflected in its trading volume. Market participants have exchanged a staggering $2,212,069,038 in XRP today, a substantial 54% increase from the value obtainable in the previous day.
As of July 6, when XRP sold for a low of $0.4242, the asset garnered a 24-hour volume of only $723.56 million. Considering the substantial volume XRP wields today, The Crypto Basic examines the daily trading volume the seventh-largest cryptocurrency might need to achieve to see its market value in the double-digit range. Notably, this assessment leverages estimations from OpenAI’s ChatGPT.
XRP May Need $40B in Daily Volume
Trading in double figures implies a price of at least $10 for XRP. Consequently, this prominent AI tool first estimated the price increase ratio of XRP reaching $10 versus its current market value of approximately $0.55.
In particular, XRP demands a growth of over 1,700% to attain a market value above $10, an increase factor of 18.18. ChatGPT assumed a scenario where a proportionate growth in current daily volume would be akin to a similar growth in market value.
As a result, it multiplied XRP’s current trading volume of $2,212,069,038 by the growth factor needed to reach $10, which resulted in a hypothetical daily volume of over $40.24 billion.
How Formidable $40B Trading Volume is for XRP
Presently, only two crypto assets, Bitcoin and USDT, are experiencing daily trading volumes exceeding $40 billion. As of press time, Bitcoin’s volume is $38.11 billion, while USDT’s volume reaches $70.9 billion. In contrast, Ethereum, the altcoin market leader, sees a significantly lower volume of $18.85 billion.
One of the highest trading volumes XRP has recorded was on July 13, 2023, with a volume of $10.39 billion, coinciding with the court ruling that XRP is not a security. When XRP traded at an all-time high (ATH) of $3.84 in January 2018, it saw a volume of $8.1 billion.
Notably, ChatGPT cautioned that the calculation proposing a $40 billion is an oversimplification, as real-world market dynamics are far more intricate. It stressed that many factors could significantly impact the actual trading volume required for XRP to reach $10. They include market liquidity, investor sentiment, prevailing market conditions, and broader economic influences.
