Generative artificial intelligence (AI) systems have been steadily growing in popularity since the emergence of ChatGPT.
Among the newest additions to this field is Google’s Bard, which is already being utilized to generate forecasts for the price movements of various cryptocurrencies. Against this backdrop, Finbold sought Bard’s expertise to delve into the intricacies of XRP’s future price dynamics, specifically by the end of 2023.
Bard’s analysis encompassed a comprehensive analysis of the Ripple v. the United States Securities and Exchange Commission (SEC) court case, recognizing the profound implications of both possible outcomes on the token’s valuation. It noted:
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“The SEC lawsuit against Ripple Labs is a major overhang on the XRP price. If the lawsuit is resolved in Ripple’s favor, it could lead to a significant increase in demand for XRP.”
The AI tool also projected that the price of XRP at the end of 2023 is difficult to predict with certainty. However, based on current market conditions and analyst predictions, it is possible that XRP could reach a price of $0.58.
Specially, the Barn noted that a number of factors could contribute to XRP’s price growth in 2023, including the resolution of the SEC lawsuit, increased adoption by banks and financial institutions, and positive news coverage.
XRP price predictions
In addition, Bard also provided insights into notable price predictions for the end of 2023 from reputable institutions and platforms.
Among these forecasts, CoinPriceForecast projected a price of $0.58 for XRP, while Wallet Investor anticipated a slightly lower value of $0.55. On the other hand, Digital Coin Price offered a target of $0.60 while Price Prediction’s suggest $0.70, respectively.
XRP price analysis
As of the current reporting time, XRP exhibits a value of $0.5023, reflecting a notable increase of 4.99% within the day, coupled with a substantial 8.94% rise over the course of the preceding week. This positive momentum has contributed to XRP’s total market capitalization reaching $26.1 billion.
In terms of price levels, XRP currently has a support level of $0.4685, which indicates a point where buying interest has historically provided a supportive foundation for the cryptocurrency’s value. Conversely, a resistance level at $0.52071 exists, denoting a price threshold that XRP has encountered challenges surpassing in previous instances.
It’s also worth mentioning that the XRP network has had its second and third-largest address activity spikes in history over the past several days, indicating that a major bullish rally could be insights for the price of XRP.
Finally, on May 28, John E. Deaton, a prominent legal expert, and commentator on the ongoing lawsuit between the SEC and Ripple, expressed his astonishment at investors’ apparent disregard for the opportunity to acquire XRP at a relatively low price of $0.48 as he expects FOMO to kick in after the lawsuit is resolved.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
