The price movement of XRP has been quite turbulent this year, reflecting the inherent volatility of cryptocurrencies. However, despite its ups and downs, XRP has experienced an overall increase of 74% in value, aligning with the general bullish sentiment among cryptocurrencies. While XRP witnessed a significant price spike earlier in the year, it has currently entered a consolidation phase with a relatively calm price increase.
A recent analysis conducted by Bard, Google’s AI, delves into XRP’s price trajectory for the year 2024, offering a positive outlook. Bard takes into account various parameters, timeframes, and potential threats that could influence the cryptocurrency’s trajectory. The analysis projects that XRP might eventually reach price points of $1, $3, and $5, representing increases of 62%, 380%, and 710% from the current price point.
According to Google’s AI, XRP, as the native currency of the Ripple network, has the potential to reach $1 in the near future and $5 in the coming years. As of the time of writing, XRP is trading at $0.6144, making the $1 price target seem achievable in the coming months.
Ripple plays a significant role in driving XRP’s value. For instance, XRP experienced a remarkable surge in July when Ripple achieved a partial victory against the US Securities and Exchange Commission. Bard’s analysis highlights optimism surrounding Ripple’s advancements in its legal battle against the SEC, along with the potential upswing in the overall crypto market in 2024. Additionally, the adoption of XRP in cross-border payments could contribute to its resurgence to the $1 price level, a mark it hasn’t reached since November 2021.
Furthermore, Bard suggests that for XRP to reach even higher price levels, such as $3 or its previous all-time high of $3.84, increased usage and technological developments in the token’s Ledger are necessary. With continued adoption in retail payments, demand for XRP could rise, potentially leading to a gradual journey that may take 3 to 5 years to reach $3. At present, XRP’s market cap stands at $33.347 billion.
Bard’s analysis also mentions that more widespread adoption of XRP in traditional finance could propel the crypto’s price well beyond $5. However, the AI notes that achieving this lofty goal would require a considerably longer timeline of 5 to 10 years or more. Unlike most cryptocurrencies seeking to replace banks, XRP was specifically designed to complement the existing financial system. It currently enjoys support from over 100 banks, financial institutions, and payment systems.
According to Bard, two major factors that could significantly impact XRP’s price in the years to come are its displacement of current payment remittance methods and its potential integration with central bank digital currencies (CBDCs). These factors, combined with the continued growth of XRP’s adoption, may contribute to its journey towards surpassing the $5 mark. Currently, XRP is trading at 0.6144 and has experienced a 0.85% decrease over the course of 30 days. It currently ranks as the 6th largest cryptocurrency by market capitalization, having recently been displaced by Solana.
The price trajectory of XRP presents a promising outlook according to the analysis conducted by Google’s AI, Bard. With projections of hitting price points of $1, $3, and even $5 in the coming years, XRP has the potential for substantial growth. However, it is important to note that these projections are speculative and subject to various market factors and technological advancements. As with any investment, it is crucial for individuals to conduct their own research and exercise caution when making investment decisions.