Despite the generally bullish crypto market in 2024, XRP has had a challenging year, experiencing a downward trend and reaching $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 decline of XRP. One of these factors is its ongoing legal battle with the SEC, which has recently entered a new phase with Ripple filing a cross-appeal. Additionally, Ripple’s escrow releases have added significant amounts of XRP to the market.
Despite these challenges, many investors remain optimistic and are looking forward to potential catalysts in the coming months. Advanced AI models, including ChatGPT-4o, have identified several drivers that could potentially boost 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. Furthermore, Ripple’s $25 million investment in Bitnomial to advance XRP futures has also garnered attention.
Another significant factor that could positively impact XRP is the potential approval of an XRP ETF, similar to the success seen with Bitcoin ETFs in driving institutional interest.
According to the AI model, if several favorable developments occur, XRP’s price could reach between $0.85 and $1 by the end of 2024, representing a projected increase of 60%-88%. Additionally, the Market Value to Realized Value (MVRV) ratio suggests that XRP may be undervalued, providing further potential for gains if investor sentiment improves along with these developments.