Since the launch of ChatGPT, the interest in artificial intelligence (AI) has exploded, leading to the emergence of other chatbots, including Google Bard, which have demonstrated usefulness in studying the cryptocurrency market trends, particularly in light of a recent court ruling.
Indeed, the long-running legal standoff between the United States Securities and Exchange Commission (SEC) and Ripple has concluded largely in favor of the blockchain company, and Finbold has asked Bard whether XRP, the token at the center of the lawsuit, could reach the price level of $1 as a result.
Factors affecting XRP price
As it happens, the AI tool said that this was a possible scenario in the aftermath of the case but that there were “a number of factors that could affect the price of XRP, including the overall state of the cryptocurrency market, the regulatory environment, and the adoption of XRP by businesses and consumers.”
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“The SEC case was a major overhang on the price of XRP. Now that the case has been resolved in Ripple’s favor, it is likely that there will be some short-term relief rally. However, the long-term price of XRP will depend on the other factors mentioned above.”
Furthermore, Bard has listed some of the price predictions for XRP post-SEC case by several popular platforms, including IT education site Techopedia, magazine Outlook India, as well as AI and big data publication Analytics Insight:
XRP price analysis
In the meantime, the price of XRP currently stands at $0.8, demonstrating an increase of 68.27% on the day, adding up to its rally of 70.84% across the previous week and 56.50% over the last week, as per the latest data retrieved by Finbold on July 14.
Indeed, after ranging below the $0.5 price level for the majority of the time since the year’s turn, XRP’s sudden jump to $0.8 (and briefly above it) has brought this crypto asset closer to the coveted $1 price mark, and time will tell whether the bullish momentum remains.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
