XRP has experienced a challenging year despite a generally positive cryptocurrency market in 2024, with its price trending downwards to $0.53 as of October 29. This marks a decline of 14.19% since the beginning of the year.
Several factors have contributed to the downward pressure on XRP. One of the main factors is its ongoing legal battle with the SEC, which has recently entered a new phase as Ripple filed a cross-appeal. Another factor is the regular release of XRP from Ripple’s escrow, which adds significant amounts of XRP to the market.
Despite these challenges, many investors remain optimistic and look to potential catalysts that could boost XRP’s price in the coming months. Advanced AI models, including ChatGPT-4o, suggest several drivers that could contribute to an increase in XRP’s price before the end of the year.
Some key events to watch out for include the Ripple Swell Conference, where new exchange partnerships and regulatory advances for the RLUSD stablecoin were discussed. Additionally, Ripple’s $25 million investment in Bitnomial to advance XRP futures is seen as a positive development.
Another significant factor that could impact XRP’s price is the potential approval of an XRP ETF, similar to the success seen with Bitcoin ETFs in attracting institutional interest.
According to the AI model’s predictions, if several favorable developments occur, XRP could reach a price range of $0.85 to $1 by the end of 2024. This represents a projected increase of 60%-88%. Furthermore, the Market Value to Realized Value (MVRV) ratio suggests that XRP may be undervalued, offering further potential for gains if investor sentiment improves in light of these developments.