ChatGPT’s phenomenal success has ignited an era of artificial intelligence (AI) mania, triggering a race among established tech giants to unveil their own competitive products. Among these solutions, Google Bard, created by Alphabet (NASDAQ: GOOGL), has emerged as a formidable generative AI offering.
Showcasing an impressive array of capabilities, Google Bard’s talents extend to predicting future market trends in the financial markets, capturing the attention of crypto and stock investors.
In that light, on July 27, Finbold requested Bard’s opinion on the future price action of XRP, which recently secured considerable gains following Ripple Labs’ monumental legal victory against the US Securities and Exchange Commission (SEC). Having said that, we asked Bard how this important triumph could affect XRP’s price going forward.
Bard’s prediction
In its response, Bard reiterated that the latest court ruling in the SEC-Ripple lawsuit represents “a positive development for XRP, and could lead to a significant increase in its price in the near future.”
The AI chatbot then outlined different analyst opinions on the crypto token’s future price, with some predicting that it could “reach an average price of $1.30 by the end of 2023,” implying a potential upside of more than 80%.
Not all analysts’ estimates are as bullish, though, Bard noted.
“Others are more conservative, predicting that the price could reach between $0.47 and $0.71 by the end of the year. Ultimately, the price of XRP will depend on a number of factors, and it is impossible to say for sure what it will be at any given time.”
– Google Bard responded.
For comparison, PricePredictions’ machine learning algorithm projected XRP to trade at $0.71 at the end of August 2023, suggesting a slight downswing over the next 30 days.
Factors behind Bard’s prediction
After offering analysts’ projections for XRP price and the potential impact of the recent ruling, Google Bard outlined several different factors that could also make a noteworthy impact on the crypto asset.
Notably, these include the overall performance of the cryptocurrency market, the future development of the Ripple ecosystem, and the final outcome of the SEC lawsuit.
While the court’s ruling that Ripple did not violate securities rules by selling XRP on public exchanges was warmly welcomed in the crypto community, the legal battle is not over yet.
“The SEC lawsuit against Ripple is still ongoing, and the outcome could have a significant impact on the price of XRP. If Ripple wins the lawsuit, it could be a major victory for the cryptocurrency industry and could lead to a surge in demand for XRP. However, if Ripple loses the lawsuit, it could have a negative impact on the price of XRP.”
– the AI bot said.
XRP price analysis
At the time of publication on July 27, XRP was changing hands at $0.72, up 2.93% on the day. Over the past week, the crypto token is down nearly 9%, likely because investors exercised caution ahead of the Federal Open Market Committee (FOMC) meeting on Wednesday, at which the US central bank announced another 25 basis points (bps) interest rate hike.
However, over the past month, XRP gained nearly 50%.
Year-to-date, XRP is up over 111%, making it one of the best-performing altcoins this year.
In fact, XRP is the most actively traded cryptocurrency this year, with more than $150 billion in trading volume, ahead of Solana (SOL), Dogecoin (DOGE), Binance Coin (BNB), and Polygon (MATIC).
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
