XRP, like a handful of other altcoins, has had an interesting 2023. As the year comes to an end, many investors and traders are anticipating an exponential price ascent for the asset. We asked Google’s Bard AI if XRP could tap $1 on or before the 1st of January, 2024.
Although the AI tool maintains that XRP reaching $1 before 2024 is uncertain, a potential price spike will depend on several factors. Breaking down the current situation in the market and the potential scenarios that could play out, the AI tool puts the current market sentiment into perspective.
Bard reveals that although there’s notable greed, the overall sentiments are neutral. Notably, technical indicators in the market are leaning towards a potential bullish uptrend in the near term.
The possible scenarios are bullish and bearish. Part of Bard’s forecast ties back to the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). If the bullish case plays out, XRP could soar if Ripple wins the ultimate triumph in its long-standing legal battle against the SEC, as investors’ stance could become even more bullish.
As Bard explains,
“While some analysts predict XRP could reach $1 in 2024, most experts consider it unlikely. The SEC lawsuit and wider market conditions remain significant hurdles. However, a favorable outcome in the lawsuit or increased adoption could trigger a price surge, making $1 a possibility.”
Another bullish scenario could happen if the broader cryptocurrency market can trigger a price pump for all assets, including XRP.
In the last bullish case, Bard sees XRP heading towards $1 if the utility cases for XRP proliferate. More adoption is likely to drive demand and boost its price valuation.
For the bearish case scenario, the AI predicts that prolonging the ongoing Ripple vs SEC lawsuit could influence market sentiments negatively. A decrease in the overall market performance could also trigger a downward correction for XRP. Conclusively, slow adoption for spotlighting is one of the possible bearish case scenarios that could hinder price growth.
At report time, XRP is trading for $0.66. The altcoin market is currently making an upward correction; as a result, the majority of altcoins are back in the green zone. Over the last 24 hours, XRP has recorded a 3.61% spike in gains. Although the market cap has corrected upwards, trading volume is still down by 18.73%.