XRP, the token utilized by the fintech company Ripple, has faced a 0.8% correction in the last 24 hours. The token is also down by 1.1% over the previous week. Nonetheless, XRP is still up by over 76% since the beginning of the year. XRP began to surge after a US court ruled that Ripple selling the token to retail investors did not fall under securities law. The “non-security” status makes XRP an attractive asset for many investors.
According to OpenAI’s AI (Artificial Intelligence) chatbot ChatGPT, XRP could end 2023 with a price of $3. The increase translates to a growth of about 400% from current levels. The chatbot cites Ripple’s recent partial victory in its battle with the SEC (Securities and Exchange Commission) and the possibility of a bull run in 2024. Many analysts expect the crypto market to rally in 2024 due to the high probability of a spot Bitcoin (BTC) ETF (Exchange Traded Fund). Both developments could usher in a 2021-like rally for the digital asset industry.
On the other hand, Google’s Bard AI has forecasted a more conservative outlook for Ripple’s XRP token. As per the AI bot, XRP could reach between $0.5 and $1.8. The AI platform considered market sentiment, regulatory oversight, and institutional adoption, among other factors.
Will Ripple’s XRP face another correction?
Although XRP has shown incredible performance in 2023, some whale movements have caught the community’s attention. As per the data on Whale Alert, 80 million XRP tokens moved from Ripple to an unknown wallet. The value of the tokens is around $48.11 million.
Moreover, another significant transaction caught the community’s attention when 26.70 million XRP tokens moved to Bitstamp, a Luxembourg City-based exchange.
The movement of tokens into an exchange is bearish as it may increase sell pressure.