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Google Bard projects XRP to hit price levels such as $3, $10, or beyond $10 based on several scenarios should the Bloomberg forecast of a $500,000 price for Bitcoin (BTC) materialize.
Notably, Bitcoin recently reclaimed the $42,000 for a brief moment. Despite tumbling below it, the asset remains comfortably above the $41,000 territory, trading for $41,768. A Bloomberg article recently suggested that the latest BTC upsurge is just the beginning of a new supercycle that will take Bitcoin to $500,000.
As the leading crypto asset, Bitcoin’s price movements often dictate the flow of the broader crypto market. As a result, if Bitcoin hits $500,000, other assets, such as XRP, could witness similar price surges if they correlate with Bitcoin’s price.
In a recent interaction with Google Bard, the AI project from Google, we sought insights into the potential price movements of XRP should Bitcoin surge to the projected $500,000 mark. Google Bard provided three distinct scenarios with corresponding XRP price predictions.
Scenario 1: Moderate Spillover – XRP Hits $1.5 – $3
According to Google Bard, a moderate spillover effect is conceivable in this scenario. Bitcoin’s upward momentum is a confidence booster for the broader crypto market, positively impacting XRP. Bard says XRP could surge to $1.5 or $3 in this scenario.
However, the rise may not be directly proportional due to lingering factors such as Ripple’s continued legal uncertainty. Despite the July ruling affirming XRP’s non-security status, the ongoing lawsuit remains a potential deterrent for some investors.
Additionally, competition in the payments space, with alternatives like Stellar (XLM), may limit XRP’s dominance. XRP currently trades for $0.6200. The asset must appreciate 383% from this point to hit $3.
Scenario 2: Strong Synergy – XRP Hits $5 – $10
Google Bard suggested that a more substantial synergy between Bitcoin’s rally and XRP’s surge could lead to higher price targets.
Bard set a $5 to $10 target in this scenario, with a 1,512% rally necessary for XRP to reach $10. However, recall that XRP has continued de-collaborating from Bitcoin’s price movements, as The Crypto Basic recently revealed.
Besides the synergy, Bard called attention to a favorable resolution of Ripple’s legal case with the SEC as a crucial factor, potentially removing a significant obstacle and unlocking pent-up demand for XRP.
In addition, the chatbot noted that widespread adoption of Ripple’s products by financial institutions, especially Ripple Payments (formerly ODL), could catalyze organic price growth. Positive regulatory developments and strategic partnerships may also contribute to a more optimistic outlook.
Scenario 3: Black Swan Event – XRP Goes Beyond $10
In the most optimistic scenario, Google Bard envisions a black swan event triggering an unprecedented surge in XRP’s value beyond $10. This could manifest through a major partnership involving a global financial leader utilizing XRP for cross-border settlements.
Also, a groundbreaking technological innovation enhancing XRP’s capabilities or a sudden and drastic regulatory paradigm shift in favor of cryptocurrency adoption could trigger this. These unpredictable events can propel XRP’s price well beyond conventional expectations.
However, Google Bard emphasized the speculative nature of these scenarios, acknowledging that the actual price of XRP, if Bitcoin hits $500,000, could deviate significantly. The AI chatbot highlighted the importance of considering factors such as the ongoing legal case and XRP’s utility in the payments scene.