Unlike most cryptocurrencies, XRP was trading relatively flatly over the course of most of 2024. However, even more interestingly, once the bull run kicked off in November, the digital asset experienced a huge move to the upside, with prices moving from roughly $0.5 to a high of $2.71
At press time, XRP was trading at $2.38 — marking a 305.84% gain on the monthly chart that has brought year-to-date (YTD) returns up to 287.19%.
With this latest move, XRP has become the fourth-largest cryptocurrency in the world by market capitalization — ahead of Solana (SOL).
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Although the upswing has seen a small correction, numerous analysts are quite bullish on the digital asset, with some predicting that it could even reach prices as high as $48 for a 1,888% rally.
XRP is one of the cryptocurrencies with the best returns in 2024, barring meme coins — and although it occasionally sees sharp corrections, like when Ripple Labs clarified that, rumors aside, it would not be launching its long-awaited stablecoin on December 4, it remains an attractive investment.
In order to get a more holistic sense of where XRP price could be headed as we reach the end of 2024, Finbold consulted one of the most powerful publicly available large language models — OpenAI’s ChatGPT-4o for additional clarity.
ChatGPT outlined the bullish and bearish factors affecting XRP
When queried, the artificial intelligence tool noted four bullish factors and just as many bearish ones. In terms of potential catalysts for further growth, ChatGPT highlighted the recent approval of Ripple Labs’ stablecoin, RLUSD, which is to be pegged to the U.S. dollar as a development that could enhance utility and broaden the wider ecosystem’s appeal.
The large language model also reflected on President-elect Donald Trump’s nomination of Paul Atkins, widely seen as a pro-crypto choice, for chairman of the Securities and Exchange Commission (SEC) as an event that could lead to the dismissal of the regulatory body’s ongoing lawsuit against Ripple Labs. Finally, ChatGPT indicated that increased institutional adoption and the post-election rally were likewise bullish factors.
In contrast, on the bearish side of the aisle, OpenAI’s model observed that recent developments in the SEC case were not to Ripple’s advantage and that this fact could negatively impact XRP’s price stability.
To boot, it pointed out increased volatility and short-term price declines on account of profit-taking, as well as indicators of market saturation as factors that could stymie further growth or even cause XRP prices to decrease.
Once everything was said and done, ChatGPT laid out two price targets. According to the AI model, if the bullish factors prove dominant, by the end of the year, XRP prices could reach levels as high as $3.84, which would represent a 61% upside.
Conversely, in case the bearish factors prove to be stronger, ChatGPT set a price at the $2 support level, which would equate to a 16% drop from the current price of XRP.
Analysts point to promising technical analysis signals that herald more gains for XRP
While interesting, it should be noted that the output of large language models — even ones as advanced as ChatGPT-4o, should not be given the same level of credence that expert analysis and personal due diligence warrant.
With that in mind, cryptocurrency analysts seem to broadly agree with the AI model’s bullish assessment. On December 11, expert technical analyst Crypto Lalit pointed out the formation of a bullish flag pattern on XRP’s daily chart in an X post, which suggests that renowned bullish momentum is coming.
In addition, renowned cryptocurrency researcher Ali Martinez outlined the formation of 3 consecutive bullish pennant patterns, adding that XRP retesting prices around the $2.25 mark could prove to be a great opportunity to buy the dip ahead of a rally to $4.40.
If Martinez’s analysis pans out, XRP could see an even greater rally than ChatGPT predicts — amounting to an 84.87% upside. Readers should note, however, that Martinez did not specify a timeframe in his X post.
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