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HomeCrypto NewsMarketCan XRP Hit $1 This Year? Google Bard AI Shares Insights

Can XRP Hit $1 This Year? Google Bard AI Shares Insights


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The Google Bard AI chatbot weighs in on the possibility of XRP reclaiming the $1 price point this year after slipping below the price point over a year ago.

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XRP has demonstrated strong resilience against the prevalent market-wide downturn. The asset’s unique position has elicited forecasts that a surge to the $1 price could materialize this year, but contrasting opinions have emerged. Notably, Google’s Bard AI chatbot is the latest to consider the lofty price goal.

In a recent conversation, we asked Bard, “XRP is currently trading for $0.52. Considering its tokenomics, the community, and the developments surrounding the XRP ecosystem and Ripple, can the asset hit $1 in 2023?” 

Responding to the query, Bard mentioned that XRP could reach the much-coveted $1 price this year. However, the AI chatbot maintained that this forecast is not guaranteed due to the unpredictable nature of the crypto market.

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Bard highlighted several factors that could contribute to an XRP price surge to $1 this year and other factors that could hinder such a rally.

Factors that Could Support XRP

Regarding tokenomics, the chatbot pointed out that XRP remains a deflationary asset, with the XRP total supply capped at 100 billion. Unlike other assets such as BTC and DOGE, XRP cannot be minted. However, the XRP tokens already in existence can be burned, and this indicates a deflationary trend.

The Crypto Basic confirmed this in a previous report, noting that the network has burned over 11 million XRP since inception. XRP’s burn mechanism is slightly different from other assets, as it is designed to mitigate risks of spam transactions on the network rather than as a support for price actions. Regardless, the mechanism still makes XRP “slightly deflationary.”

Bard further called attention to the large and active XRP community as one of the factors that could support the $1 goal. The number of XRP wallets has continued to increase, currently standing at 4.72 million, per data from Messari. The XRPL saw an addition of over 114,000 wallets in Q1. This sustained increase in holders and investors contributes to a rise in adoption and demand.

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According to Bard, developments surrounding XRP and Ripple can support or oppose XRP’s $1 price goal. The chatbot stressed that Ripple’s expansion moves could bolster confidence in XRP as the asset secures more use cases. Such favorable developments would drive bullish sentiments, increasing demand for XRP.

Opposing Factors

On the other hand, Bard emphasized that factors that could oppose XRP’s $1 price target include a loss for Ripple in the SEC lawsuit and the condition of the overall crypto market. Notably, market watchers have continually stressed the importance of SEC litigation. They believe a favorable ruling for XRP would result in massive gains, while a negative judgment could hamper its growth.

In addition, the overall crypto market is another potential opposition to XRP’s run. Bard noted that the $1 price target could be challenging to attain if the crypto market faces further declines. However, it is essential to note that XRP has persistently bucked the overall trend in the market on several occasions.

XRP is currently trading for $0.5267, up 2.11% in the past 24 hours. The asset has continued to trade below $1 since dropping from the price territory in December 2021. Reclaiming $1 would require an 89% increase in XRP’s current value. Notably, XRP has, in the past, demonstrated its ability to surge to such an extent and much more.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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