Which Will Perform Better in 2024: Ripple (XRP) or Cardano (ADA), 4 Arguments from ChatGPT
The advancement of AI-based solutions in 2024 is undeniable, and we decided to poke OpenAIs ChatGPT on a topic thats quite interesting for many cryptocurrency enthusiasts.
Ripple and Cardano both have devoted communities, and its interesting to see what an impartial AI chatbot considers when determining which crypto will perform better throughout the rest of the year.
So, we asked it:
ChatGPT returned four reasonably interesting arguments, but before we take a look at them, lets see how XRP and ADA prices did so far in 2024.
XRP vs. ADA Year-to-Date Price Performance
At the time of this writing, XRPs price is trading at slightly below $0.60, charting a 2% decline on the day.
Interestingly enough, the price has remained flat throughout 2024 so far. On January 1st, it was trading at $0.62, which is a tad bit better but negligible nonetheless.
And while XRP has failed to capitalize on the ADA, it has had it way worse. On January 1st, it was trading at around $0.59, while its current price is $0.38 a 35% decline.
With that out of the way, lets have a look at the four arguments that ChatGPT made when prompted with the question which of these two cryptocurrencies will perform better in 2024.
Ripple (XRP) and Cardano (ADA) Price Outlook in 2024: ChatGPT
Legal Clarity and Regulatory Developments
According to the chatbot, this is an important point when determining the future price potential of both cryptocurrencies.
For Cardano, ChatGPT said that it has been able to largely avoid major regulatory scrutiny compared to Ripple. In addition,
Its focus on academic research and peer-reviewed development has positioned it as a more conservative project, which might appeal to long-term investors. However, it lacks the immediate catalysts that Ripple has.
The catalysts that it mentioned include the conclusion of the lawsuit between the United States Securities and Exchange Commission and Ripple over whether or not XRP should fall within the securities category.
As CryptoPotato reported earlier this month, Ripple was fined $125M by the US court, which also determined that XRP, when sold on centralized exchanges, is not a security. The fine represents a 94% discount on the SECs claim, and most investors consider it a sign of a potential victory. However, the Commission has still to decide whether or not it will appeal the decision.
Technological Developments and Adoption
The chatbot emphasized that Ripple is primarily focused on cross-border payments and has managed to establish multiple partnerships with various financial institutions.
Just recently, it partnered with SBI Digital Community, which is under the umbrella of the Japanese financial behemoth SBI Holdings, increasing the opportunities of individual users to use the XRP Ledger.
Any advancements in Ripples technology or partnerships could boost its performance.
Cardano, on the other hand, is focused on delivering multiple upgrades as part of its roadmap, with the latest one being scheduled for September this year.
The success of these developments and their adoption could be a key driver for ADA.
Market Sentiment
According to ChatGPT, a favorable resolution in the lawsuit agains the SEC could lead to substantial gains for Ripple, improving the perception of investors toward the cryptocurrency and its overall market sentiment.
Meanwhile, Cardano has managed to build a strong community and, per the chatbot, continues to be ivewed as a slow and steady project.
Its focus on scalability, sustainability, and interoperability might attract long-term investors, especially if the crypto market trends toward more utility-driven projects.
Broader Market Trends and Macroeconomic Factors
Quite expectedly, the braoder performance of the cryptocurrency market (heavily reliant on Bitcoins price) oftentimes has an impact on altcoins such as XRP and ADA.
If the market is bullish, both could see substantial gains, whereas a bearish trend could affect them negatively.
At the same time, decisions associated with any changes in interest rates, inflation, and global economic conditions can also play a role.
For example, the chairman of the US Federal Reserve recently said that they are considering cutting interest rates, and the crypto market rallied after that.
The post Which Will Perform Better in 2024: Ripple (XRP) or Cardano (ADA), 4 Arguments from ChatGPT appeared first on CryptoPotato.
Text source: CryptoPotato
