Here is XRP Price if Its Monthly Trading Volume Hits $1T
thecryptobasic.com 11 July 2024 09:48, UTC XRP could potentially be trading at a new all-time high in the hypothetical scenario where it attains a $1 trillion monthly trading volume.
XRP is among the most heavily traded crypto assets in the market, garnering an average daily volume of around $1 billion. On Friday, June 5, XRP recorded a massive trading of over $2.15 billion amid the landslide crash to $0.3911, its lowest price in over 12 months.
Meanwhile, XRP has mildly recovered from this bottom at press time, trading above $0.42 with a volume of approximately $740 million.
This article explores the hypothetical scenario regarding XRP’s potential market value if the asset experiences a monthly trading volume of around $1 trillion. Given the speculative nature of this assessment, The Crypto Basic utilized estimations from OpenAI’s ChatGPT to determine XRP’s likely value with a $1 trillion monthly volume.
XRP Price if Its Monthly Trading Volume Hits $1T
First, the AI proposed a scenario where XRP maintains a $2 billion daily trading volume for a month, resulting in an estimated $60 billion of XRP traded monthly. Assuming XRP currently has a monthly volume of $60 billion, a speculative increase to $1 trillion implies an advancement of 1,566% or a growth factor of 16.67.
Accordingly, ChatGPT noted that with XRP trading at $0.42, its market value could rise to around $7, assuming a proportional relationship between trading volume and price. Meanwhile, it stressed that this is a speculative estimation as actual prices depend on various market factors, including demand, investor sentiment, and overall market conditions.
What $1 Trillion Volume Means for XRP
Notably, at a $7 price, a $1 trillion monthly volume for XRP means market participants would exchange over 142.86 billion XRP monthly, equivalent to 4.761 billion tokens in daily volume. This daily volume would be worth over $33.33 billion, considering the theoretical $7 price point.
Currently, XRP is seeing a volume of $740 million at a $0.42 price. During a significant buying frenzy between late December 2017 and the first week of 2018, the asset posted volumes of $6 billion to $8 billion on some days.
Specifically, on January 4, 2018, when XRP traded at its all-time high of $3.84, it recorded a volume of $8.1 billion. This suggests a correlation between high trading volume and high market value.
How Far is XRP from $1 Trillion Volume?
It is worth noting that the stablecoin Tether USD (USDT) is currently the only crypto asset that witnesses a trillion-dollar monthly volume. According to CoinMarketCap, USDT has registered a cumulative 30-day trading volume of $1.34 trillion. This high figure results from USDT being paired and traded against virtually all assets in the crypto market.
Bitcoin, which closely follows, reported a 30-day trading volume of $535 billion. In contrast, XRP is far behind, with a trading volume over the last 30 days of $22.65 billion.
