The price movement of XRP, the native currency of the Ripple network, has exhibited the inherent volatility of cryptocurrencies throughout the year. Despite fluctuations, XRP has experienced a 74% increase, aligning with the broader bullish sentiment in the crypto market. While the middle of the year witnessed a notable price spike, the current trend suggests a period of consolidation for the cryptocurrency.
A recent analysis by Bard, Google’s AI, provides an optimistic outlook for XRP in 2024. Bard considered various parameters, timeframes, and potential threats, projecting that XRP could reach the $1, $3, and $5 price points. These targets represent potential gains of 62%, 380%, and 710%, respectively, from the current price of $0.6144. The AI predicts that XRP may soon achieve the $1 milestone, with $5 becoming a realistic target in the coming years.
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Ripple, a major driver of XRP’s value, played a crucial role in its remarkable run in July when the company secured a partial victory against the US Securities and Exchange Commission (SEC). Bard’s analysis factors in the positive sentiment surrounding Ripple’s legal advancements, an overall upswing in the crypto market in 2024, and the increasing adoption of XRP in cross-border payments. According to Bard, these factors could propel XRP to the $1 price level again, a threshold not reached since November 2021.
To reach $3, Bard emphasizes the need for increased adoption and technological developments in XRP’s Ledger. The AI estimates a 3 to 5-year journey for XRP to achieve this level, contingent on smooth adoption in retail payments and heightened demand. Bard also envisions a more mainstream adoption scenario that could drive XRP well beyond $5. However, this ambitious goal would require a longer timeframe, potentially taking 5 to 10 years or more.
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Crucially, Bard highlights that XRP’s integration with traditional finance sets it apart from other cryptocurrencies. Unlike those seeking to replace banks, XRP was designed to complement the existing financial system and is currently supported by over 100 banks, financial institutions, and payment systems. Bard sees XRP’s displacement of current payment remittance methods and potential mergers with central bank digital currencies (CBDCs) as pivotal factors that could propel its price to over $5 in the coming years. While the $5 target may seem ambitious, these factors underscore the potential for significant growth in XRP’s value over an extended period.