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Grok, an AI chatbot embedded in Elon Musk’s X social platform, recently highlighted the historical performance of XRP after each of the past three Bitcoin halvings.
The Bitcoin halving, one of the most anticipated events in the crypto scene, has officially taken place. On-chain data confirms that this year’s halving occurred at the 840,000th Bitcoin block today at exactly 12:09 AM (UTC).
Before the latest halving, market watchers and industry commentators discussed the price impact of the previous events on Bitcoin (BTC) and the broader crypto market, looking to spotlight a pattern of positive price movements. One such commentator was Digital Asset Investor (DAI), a media personality and XRP community figure.
XRP Historical Post-Halving Performance
DAI leveraged Grok AI to gain insights into XRP’s performance following each of the previous Bitcoin halving events. For context, Bitcoin had witnessed three halvings before the most recent one. The first one occurred on Nov. 28, 2012, the second took place on July 9, 2016, and the third one came up on May 11, 2020.
Looks like 120 days is the XRP sweet spot post halving but this time all bets are off. End of SEC lawsuit, stable coin release, Stablecoin legislation, ONLY digital asset with LEGAL clarity. pic.twitter.com/BTcZ7ZCF9e
— Digital Asset Investor (@digitalassetbuy) April 19, 2024
DAI queried Grok to provide an overview of how XRP performed after each of these halving events, especially after 30 days, 60 days, 90 days, 120 days and 1 year. In its response, Grok rightly noted that no data exists for XRP’s price response to the 2012 halving, as it witnessed its first public trading prices in 2013.
Meanwhile, with the second halving, XRP recorded a 4.85% increase after 30 days and then witnessed a rise of 5.54% after 90 days. 120 days later, XRP increased by 21.88% to $0.0063. However, a year after the halving, XRP’s price retraced, dropping by 50.72% to the $0.002 territory in July 2017.
The third halving, which occurred in May 2022, led to a similar but more encouraging price action. Notably, XRP increased 2.2% after 30 days and by 0.75% after 60 days. Over a 120-day period, XRP rose by 21.46% and then spiked by a massive 521.78% a year later to reach the $1.25 price level.
Potential Price Impact of the Latest Halving
Speaking on this overview, DAI emphasized that the 120-day period bears the most consistent attractive price action, with XRP rising 21.88% after the second halving and 21.46% after the third halving. He expects XRP to replicate this positive movement this time around but at a higher rate due to recent developments.
Notably, some of these events include the potential end of the SEC vs. Ripple litigation, which is currently in the remedies phase, the launch of Ripple’s stablecoin, expected later this year, the potential introduction of the stablecoin legislation by the U.S. Congress, and XRP’s position as the only cryptocurrency with legal clarity.
With the latest halving event having occurred, XRP is expected to record similar or higher price movements 120 days later, in mid-August. The average price increase after 120 days is 21.67%. If XRP rises by this rate, its price could see a mild push to $0.6233.
However, factoring in the recently mentioned bullish developments surrounding the XRP ecosystem, this increase could be amplified by up to five times, resulting in a 108% increase. Surging by this rate in the next 120 days would bring XRP’s price above the $1 mark, specifically to $1.06 by August.
Nonetheless, most market watchers still believe this target is an underestimate, with some projecting prices of up to $27. Leb, another analyst, predicted XRP to hit $3.84 before or right after the halving. Moreover, The Crypto Basic recently found that should XRP replicate its entire price movements after the 2020 halving, its value could skyrocket to $5.2.