As the revived interest in artificial intelligence (AI) is yet to subside, products like Google Bard and ChatGPT have demonstrated their usefulness in analyzing trends and complex information to deliver insights across multiple industries, including the cryptocurrency sector and assets like XRP.
Indeed, following a massive spike in price upon the (now proven to be false) reports of an XRP spot exchange-traded fund (ETF) application, the token in question has returned to its previous level at around $0.65, and Finbold asked Bard for insights on the possible price at the start of 2024.
Bard’s estimations for XRP
According to the AI chatbot, “a possible price range for XRP at the start of 2024 could be between $0.50 and $1.80,” taking into account several factors, like its current price, historical performance, general market sentiment, regulatory developments, institutional adoption, and others.
However, Bard still warns that this is still just a potential price range and that the actual price of XRP at the beginning of the new year could be higher or lower based on the crypto market being inherently volatile and subject to various factors that might influence prices unexpectedly.
Factors to consider
As Google Bard highlighted, a number of factors could impact the price of XRP at the start of 2024, including the significant price fluctuations that the token had in the past, particularly the considerable decline from its all-time high of $3.84 that it reached in January 2018.
Furthermore, if the overall sentiment towards cryptocurrencies remains positive, XRP could see an increase in demand and price. On top of that, more favorable government regulations and policies regarding crypto assets could positively impact their prices, including that of XRP.
Also, Bard pointed out that ”if more businesses and institutions start adopting XRP for payments or other purposes, it could increase demand and drive up the price.” Indeed, XRP spiked earlier this month after several institutions adopted the services of Ripple, the company that created XRP.
Finally, it observed that the further development of Ripple Payments, formerly RippleNet, could also significantly impact the usage and price of XRP, as it provides the enterprise-grade infrastructure for businesses to leverage blockchain for faster, cheaper, easier, and more efficient cross-border payments.
XRP price analysis
Meanwhile, XRP was at press time changing hands at the price of $0.6536, recording a decline of 0.11% in the last 24 hours, as well as losing 5.01% to its price across the previous seven days but still holding onto the gains of 34.01% accumulated over the past month, as the recent charts indicate.
As the AI tool recognized, XRP has the capability to reach the upper price in the range it set, but negative factors could force it further down to $0.50, particularly as the final judgment in Ripple’s case against the United States Securities and Exchange Commission (SEC) probably will not arrive until July 2024.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
