Though a relative latecomer to the 2024 cryptocurrency bull market, XRP has, nonetheless, performed remarkably and is, in total, 304.70% in the green year-to-date (YTD).
Despite overall strength and multiple exceptionally bullish forecasts, the token also gave some cause for concern as it, on December 17, reached something of a top near $2.50.
Indeed, it took XRP approximately three weeks to climb from $0.50 to $2.70, but has subsequently corrected and has been trading near $2.50 for about two weeks and is, at press time, changing hands at $2.48.
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Considering the recent rally, the current stagnation, analyst optimism, and investor hopes, Finbold consulted X’s GrokAI on whether there will be a further XRP rally in 2024 or if the current top will prove sticky for the token.
Grok sets XRP price target for December 31, 2024
In its reply. Grok proved quick to assess XRP and the recent associated developments positively, though it also cautioned about volatility for the token and the broader cryptocurrency market.
The artificial intelligence (AI) model also noted that much of XRP’s price action has been driven by significant news, such as the recent developments in the legal battle against Ripple and the Securities and Exchange Commission (SEC), and within the SEC itself.
Ultimately, however, Grok opted for a conservative price target as it explained it wanted to factor in the recent momentum and developments but not discount volatility and elements such as historical resistance levels.
Therefore, the AI explained that it considers $2.50 the most plausible forecast for the year’s end.
When challenged that such a price target amounts to stagnation for XRP, Grok reasoned that most of the token’s big jumps were driven by external developments – and that there are no guarantees there will be more of these events in the remaining weeks of 2024.
The AI added that once this outside influence is accounted for and resistance levels and market volatility are factored in, stagnation until at least the start of 2025 becomes the most reasonable if conservative, scenario.
Why January 2025 might renew XRP’s bull run
While $2.50 is considered a reasonable price target for GrokAI, it is worth pointing out that January 2025 might cause another significant rally. Specifically, Gary Gensler – the controversial SEC Chair – is set to resign and be replaced by, most likely, the crypto-friendly Paul Atkins.
Though XRP already rallied on the confirmation Gensler would be resigning, the token is likely to surge again once the good news turns into reality.
Featured image via Shutterstock
