thecryptobasic.com
Bard, Google’s AI chatbot, recently projected that XRP could hit a new all-time high (ATH) value above $3.3 next year, contingent on several factors.
XRP achieved its previous all-time high of $3.3 in January 2018. The asset has almost shed off all the gains it picked up, leading to the price target, now down 84% from the price.
To get insights on when XRP could reclaim and surpass this price, we turned to Google Bard, the AI chatbot, which analyzed the potential factors influencing XRP’s journey towards a new ATH within the following year.
Catalysts for a New XRP ATH
According to Google Bard, achieving a new ATH for XRP is possible but hinges on several factors. First is the outcome of the unremitting legal fight between Ripple and the U.S. Securities and Exchange Commission (SEC).
Bard noted that if Ripple emerges ultimately victorious in this lawsuit, it could substantially boost XRP’s prospects by removing a significant regulatory cloud that has cast a shadow over the asset.
Recall that Judge Analisa Torres, the judge presiding over the case, recently denied the SEC’s motion to file an interlocutory appeal to the July 13 ruling. As a result, the court has scheduled April 24, 2024, for the trial.
Moreover, Google Bard highlighted the role of adoption by businesses and financial institutions. Should XRP gain traction as a preferred means for international payments and financial transactions, the demand surge could be a powerful catalyst to drive its price upwards.
The AI chatbot also identified the broader state of the cryptocurrency market as an essential factor. If the crypto market experiences a bullish trend, it could have a positive impact on XRP, along with other digital assets.
Interestingly, the next Bitcoin halving is coming up in April 2024, the same month as the Ripple vs. sEC case trial. Market watchers expect the event to trigger a bull run, spreading to other crypto assets, including XRP.
Negative Factors
However, the potential for XRP to reach a new ATH isn’t without its challenges, Bard says. According to the chatbot, a negative outcome in the SEC lawsuit could impede demand for XRP and hinder its adoption by businesses.
Nonetheless, it is essential to note that despite Bard’s response, XRP already has legal clarity. The judge already declared that XRP is not a security on its own. The SEC only seeks to appeal parts of the ruling that say Ripple’s XRP sales did not constitute securities offerings.
Slow adoption by institutions was another concern highlighted by Bard. According to the AI resource, this might impede XRP’s growth even under favorable conditions. Furthermore, an overall bearish trend in the crypto market could exert downward pressure on XRP.
Google Bard advised investors to exercise caution and conduct thorough research before making investment decisions. While XRP boasts advantages such as low fees, the crypto market’s volatile nature necessitates considering potential risks.