After a prolonged “crypto winter” with multiple calamities like the collapse of FTX in 2022, and sustained regulatory pressure throughout last year, the crypto market finally apparently shook off much of the downward pressure in the final quarter of 2023.
XRP was one of the biggest gainers among prominent cryptocurrencies and has risen approximately 85% throughout the year. This was driven by broader market conditions, a string of legal victories in its long-standing struggle with the SEC, and Ripple’s continued expansion of central bank digital currency (CBDC) partnerships.
Still, challenges for XRP persist, as was reflected by the fact that it, despite several significant surges, failed to maintain a decisive upward momentum. Its victory against the SEC isn’t guaranteed, and while 2024 appears like it will bring a bull market for crypto, it is unclear if it will truly be smooth sailing in the coming months.
With the recent rallies and accompanying enthusiasm for a strong 2024, and the ever-present dangers in mind, Finbold consulted ChatGPT – the flagship artificial intelligence (AI) platform of OpenAI – on January 2, 2024, on how XRP might fare throughout the year.
ChatGPT assesses 2024 milestones for XRP
At the very start of its analysis, ChatGPT took into consideration the likely major development in store for Ripple and XRP in 2024. The AI focused, in particular, on the effect the resolution of the SEC lawsuit might have. It also stated that Bitcoin (BTC) halving is likely to have a significant impact – no matter what else happens in the crypto market.
When asked to speculate on how high XRP might go this year, ChatGPT again wrote that a victory against the SEC could cause huge ripples and send the cryptocurrency as high as $6 – well above its previous all-time high. It also predicted that, should no calamity occur, the Bitcoin halving alone could potentially send XRP as high as $4.
ChatGPT also offered two additional scenarios that assume more conservative developments. A moderate scenario – one that assumes that the conditions in the crypto market remain mixed – sets the yearly highs at approximately $2.
The AI’s most conservative scenario – one that assumes that the legal battle continues and that the market turns very turbulent – sees XRP climbing as high as $1.20.
ChatGPT makes XRP predictions for the end of 2024
When making its year-end predictions for XRP, ChatGPT took the same factors and scenarios under consideration as when it was predicting the possible 2024 highs. Interestingly, the artificial intelligence does not foresee the cryptocurrency ending 2024 at its yearly highs.
For example, a major bull market paired with a decisive legal victory could see XRP close to $5 on December 31, 2024, while its conservative scenario – one of significant market volatility and persisting legal troubles – places it no higher than $1. Only in its mixed scenario does the AI place XRP at its highs on the last day of the year as it sees the cryptocurrency potentially reaching $2.50.
It is also interesting to note that none of ChatGPT’s forecasts see Ripple losing to the SEC. Still, this does not truly indicate that a victory is certain; rather, most experts, pundits, and commentators are currently estimating a favorable outcome for Brad Garlinghouse’s company.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
