The crypto markets have given much cause for excitement to investors and traders throughout 2024. The year has featured significant rallies for many of the major cryptocurrencies, the approvals of both Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), and the BTC halving event in April.
One token that has remained largely absent from the bull run and is yet also generating substantial optimism – in no small part due to the recent developments in the long-standing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) – has been XRP.
With the current trends and developments – both pertaining to XRP and the broader crypto market – in mind, Finbold decided to examine how they are reflected in the price predictions of the many platforms that leverage artificial intelligence (AI) technology to – along with other uses – assess the likely future prices of assets.
AI revises XRP price forecasts
One platform that relies on XRP’s previous price movements, chart patterns, and other relevant developments on the token’s path estimates that its price will stand at $0.881514 at the tail end of the year. The algorithm also forecasts substantial volatility for XRP and considers it likely that there will be a spike to and a peak at $1.44 in November.
Meanwhile, the latest model of OpenAI’s flagship AI platform – ChatGPT-4o – considers it highly likely that XRP will stand at $1 on December 31. ChatGPT stated that the forecast takes into account the possibility of a favorable legal resolution, the overall market sentiment, and the high likelihood of continued technological advancement.
Finally, Google’s (NASDAQ: GOOGL) Gemini – once known as Bard – is significantly less bullish. Unlike ChatGPT, Gemini pointed out that the legal battle between Ripple and the SEC remains a major hurdle but also acknowledged XRP’s overall resilience and potential. The AI ultimately decided that the most likely price for the token at the end of 2024 is $0.58.
XRP price chart
Should any of the AI forecasts come true, they would constitute a significant upside for the token given that XRP price today stands at $0.53 after a 13.43% decline since the start of the year.
Indeed, XRP’s legal issues are well-reflected in its price chart, given that it is one of the few major cryptocurrencies to have declined since the beginning of 2024.
Additionally, the 12-month chart reveals the long-standing depressing effect SEC’s pressure has been having, given that despite multiple sharp yet brief rallies, the token is a mere 1.66% above the price it was at 52 weeks ago.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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