Outside Source
The cryptocurrency market is going through a rough patch at the moment, with many coins withdrawing from their respective yearly highs.
According to the popular cryptocurrency Fear and Greed Index, the market is currently in a state of “Extreme Fear,” indicating the ongoing uncertainty among participants.
That said, we decided to have some fun with ChatGPT and ask one of the more pressing questions, comparing three of the most popular altcoins as of late: XRP, SHIB, and ADA. Which one will perform better in 2024? Let’s find out what the chatbot had to say.
A Brief Overview
Before we discuss ChatGPT’s statement, though, let’s examine the current price performance of these three cryptocurrencies.
Ripple’s XRP is currently trading at around $0.56, having achieved a yearly high in 2024 of slightly above $0.7 in March.
Shiba Inu (SHIB) peaked at around $0.000036 in March and has since declined to where it currently trades at $0.00001327.
Cardano (ADA) also saw its yearly high in March when it was trading at almost $0.8. Since then, the cryptocurrency has declined to $0.33.
It’s clear that all of the cryptocurrencies mentioned above have retraced since their yearly highs, but that’s more or less in line with the entire market. That said, it’s also obvious that XRP seems to be the best performer so far.
Now, let’s see what ChatGPT thinks about it.
And the Winner Is…
The AI-based chat model says that XRP is expected to benefit from a potential positive outcome in its ongoing legal battles. In addition, ChatGPT said:
The market sentiment around XRP is influenced by its utility in cross-border payments and possible institutional adoption, making it a strong contender for growth, particularly if it successfully navigates regulatory challenges.
It said that some projections expect it to reach between $0.9 and $1.58 by the end of 2024.
On the other hand, it stipulated that “ADA’s performance in 2024 could be mixed.”
Some predictions indicate a potential high of around $2.02, especially if market conditions turn bullish and the platform’s ongoing technological developments lead to greater adoption. However, there is also caution due to recent price volatility, with some forecasts suggesting it could struggle to break significant resistance levels unless broader market trends improve.
Indeed, ADA has been struggling lately with buyers being completely unable to push the price into any kind of meaningful rally.
Last but not least, ChatGPT commented on SHIB. It said that “SHIB’s performance is heavily reliant on market sentiment,” while also outlining its riskier nature because of its meme coin nature.
That said, the chatbot concluded that XRP seems to have the most promising outlook “due to its utility and ongoing developments.”
This article first appeared at CryptoPotato
