The movement of XRP price has had its ups and downs this year, reflecting the volatile nature of cryptocurrencies. The crypto has increased by 74% this year, following the general bullish sentiment among cryptocurrencies. XRP went on a noticeable price spike in the middle of the year, although the price increase is currently calm and the cryptocurrency appears to be going through a consolidation phase.
According to a recent analysis by Bard, Google’s AI, XRP price trajectory in 2024 is a positive one. Bard noted the various parameters, timeframes, and threats that may influence the trajectory of the cryptocurrency and projected that it might eventually hit the $1, $3, and $5 price points, representing 62%, 380%, and 710% from the current price point.
Bard Makes XRP Price Prediction
Google’s AI has predicted that XRP, the native currency of the Ripple network, could hit $1 very soon and $5 in the coming years. At the time of writing, the crypto is trading at $0.6144, making the $1 price target very doable in the coming months.
Ripple is one of the biggest drivers of XRP. For example, the crypto went on a spectacular run in July, when Ripple scored a partial victory against the US Securities and Exchange Commission. According to Bard, optimism regarding Ripple’s advancements against the SEC in court, an upswing in the general crypto market in 2024, and XRP’s adoption in cross border payments could send the crypto to the $1 price level again next year, a level which it hasn’t been since November 2021.
If adoption keeps increasing at this rate, It might hit $3 and possibly even hit its current all-time high of $3.84. But according to Bard, in order for this to occur, It would need to demand increased usage and technological developments in the token’s Ledger. If things go smoothly and XRP achieves adoption in retail payments, demand could go up, with Bard estimating a 3 to 5-year journey to reach $3.
Lastly, Bard predicted a more mainstream adoption of XRP could see the crypto spike well above $5. However, the AI noted this is a very long journey potentially taking 5 to 10 years or more. The crypto reaching $5 seems like a lofty goal, but several factors could drive the price up and beyond. A major factor in achieving this price target is XRP’s complete integration with traditional finance.
Unlike most cryptocurrencies looking to displace banks, It was created to complement the current financial system. At the time of writing, it is supported by over 100 banks, financial institutions, and payment systems. According to Bard, XRP’s displacement of the current payment remittance methods and a merger with central bank digital currencies (CBDCs), are two of the major factors that could propel the crypto’s price over $5 in the coming years.
Current State Of XRP
It is currently trading at 0.6144 and is down by 0.85% in a 30-day timeframe. It is now the 6th largest crypto in market cap rankings, after being recently displaced by Solana.
Featured image from Shutterstock