In the following, we take a look at ChatGPT’s breakdown and analysis on the question of how high XRP can go if Bitcoin’s price reaches $1 million.
The $1 million BTC price prediction was made by the popular analytics firm Bernstein Research.
As CyrptoPotato reported earlier in June, Bernstein analysts predicted that BTC could reach $200K by the end of 2025. The experts further expect the cryptocurrency to reach $1 million by 2023, outlining:
“We believe bitcoin is in a new bull cycle. The ‘halving’ presents a unique circumstance, where natural bitcoin sell-pressure from miners declines by half (or even more, as they inventory more in anticipation), while new catalysts for bitcoin demand arise, leading to exponential price moves.”
But how may this affect other altcoins, particularly Ripple’s XRP? Let’s examine what ChatGPT has to say.
XRP Price Potential: The Factors to Consider
First things first, ChatGPT stipulates that the XRP price potential if Bitcoin reaches $1 million is very speculative, and it depends on numerous factors.
These include:
- Market Correlation
The chatbot outlines that “historically, the price of altcoins like XRP has been correlated with Bitcoin. If Bitcoin reaches $1 million, it is likely that the entire cryptocurrency market will see significant growth.”
2. Market Cap Proportionality
ChatGPT also argues that it’s important to consider what proportion of Bitcoin’s market cap XRP would capture, and it assumes a proportionality of around 10%.
3. Adoption and Use Case
According to the AI-based language model, XRP’s price is also going to depend on its adoption rates and use case, especially when it comes to cross-border payments and different partnerships with financial institutions.
So, What About the XRP Price?
ChatGPT assumes three scenarios. In the first one, XRP’s market cap is approximately 10% of that of Bitcoin and it also assumes that all 100 billion XRP will be in circulation. With that in mind, the bot says that XRP can reach a price of $21.
The second scenario is in case of increased market share where XRP captures 20% of Bitcoin’s market cap, in which case the price would be double the above – $42.
The last scenario that ChatGPT gives is “optimistic” and based on extreme bullishness, significant adoption, and positive developments. In this case, XRP would be able to capture 30% of Bitcoin’s market cap and be worth approximately $63.
This news is republished from another source.
