The much-anticipated Bitcoin halving took off on Friday, April 19, 2024, a little after 8:09 p.m. (UTC). ViaBTC mined the 840,000th block on the Bitcoin network to reduce the rate of Bitcoin created every 10 minutes to 3.125. Prior to the event, market analysts and commentators discussed the price impact of the previous halvings with Digital Asset Investor (DAI), a media personality and XRP community figure joining the trend with a focus on XRP. DAI’s analysis, which purely relied on the feedback of Grok AI, estimated that XRP usually surges higher in 120 days. Looks like 120 days are 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.
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
Results on the Post-halving XRP Performance by Grok AI
For context, DAI queried Grok AI to provide the general performance of XRP after each of the past three halvings with specific attention on 30 days, 60 days, 90 days, and 120 days after the events. In response, Grok AI rightly pointed out that XRP was not listed on major exchanges until 2013. This implies that no data exists for the price reaction after the 2012 halving. For the 2016 event, the AI was able to note that XRP was trading at $0.005233. Exactly after 30 days, the price recorded a 4.85% surge to hit $0.005487. XRP further surged by 5.54% after 90 days and 21.88% after 120 days to trade at $0.0063. Unexpectedly, the price took a nosedive after a year, declining by 50.72% to find support around the $0.002 zone. This was short-lived as the asset staged a bullish reversal to record an all-time high price at $3.4 on January 7, 2018. According to Grok AI, the third halving which occurred in May 2022 saw XRP surging by 2.2% after 30 days, 0.75% after 90 days, and 21.46% after 120 days. A year after the event, XRP spiked by 521.78% to hit $1.25 from $0.20.
Analysts Make Bold Predictions
Speaking to his X followers, DAI pointed out that the 120-day period is the most consistent attractive price action with XRP surging by 21.88% and 21.46% in the second and third halvings respectively. In this case, the asset could stage a mini rally to hit $0.6233 if the above pattern is anything to go by.However, analysts believe that the bullish sentiment surrounding the XRP ecosystem could amplify this surge by five times, pushing the price to $1.06 by August 2024. Interestingly, most crypto commentators believe that this is just a conservative estimate as EGRAG predicts $27 for XRP with Leb also expecting the asset to hit $3.84 right after the halving event. DAI further clarified that the potential replication of the previous price behaviors would depend on certain conditions including the end of the SEC vs. Ripple Labs litigation, the successful launch of Ripple’s stablecoin, and the potential launch of stablecoin legislation by the U.S. Congress. At press time, XRP was trading at $0.5370 after rising by 4% in the last seven days and 0.94% in the last 24 hours. More By This Author:The Market Recovers Following The Bitcoin Halving And Awful Run
XRP Price On The Horizon: Analysts Predict Surge To $1.20 Amid Market Volatility
Bitcoin’s Price Predictions Post-Halving: What’s Next?
