Ripple (XRP) or Cardano (ADA), 4 ChatGPT arguments

The advancement of AI-based solutions in 2024 is undeniable, and we decided to put the OpenAI ChatGPT on a rather interesting topic for many cryptocurrency enthusiasts.

Ripple and Cardano have dedicated communities, and it’s interesting to see what an unbiased AI chatbot takes into account when determining which crypto will perform better for the rest of the year.

So we asked him:

Source: ChatGPT

ChatGPT returned four reasonably interesting arguments, but before we take a look at them, let’s see how XRP and ADA prices have fared so far in 2024.

Year-to-date price performance of XRP vs. ADA

At the time of writing, the price of XRP is trading at just under $0.60, down 2% on the day.

Interestingly, the price has remained stable throughout 2024 so far. On January 1, it was trading at $0.62, which is slightly better but still insignificant.

Source: CoinMarketCap

And while XRP has failed to capitalize on the ADA, it has fared much worse. On January 1, it was trading around $0.59, while its current price is $0.38, a decline of 35%.

Source: CoinMarketCap

With that out of the way, let’s take a look at the four arguments ChatGPT made when asked 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 it has been able to “largely avoid significant 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 can attract long-term investors. However, it doesn’t have the immediate catalysts that Ripple has.

The catalysts he mentioned include the conclusion of the lawsuit between the US Securities and Exchange Commission and Ripple over whether or not XRP should fall under the category of securities.

As CryptoPotato reported earlier this month, Ripple was fined $125 million 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 SEC’s claim and is seen by most investors as a sign of a possible victory. However, the Commission has yet to decide whether or not to appeal the decision.

Technological developments and adoption

The chatbot highlighted that Ripple mainly focuses on cross-border payments and has managed to establish multiple partnerships with various financial institutions.

It recently partnered with SBI Digital Community, which is under the umbrella of Japanese financial giant SBI Holdings, increasing opportunities for individual users to use XRP Ledger.

Any advancements in Ripple’s technology or partnerships could increase its performance.

Cardano, on the other hand, is focused on delivering multiple updates as part of its roadmap, with the latest scheduled for September of this year.

The success of these developments and their adoption could be a key driver for the ADA.

Market sentiment

According to ChatGPT, a favorable resolution of the lawsuit against the SEC could lead to substantial gains for Ripple, improving investors’ perception of the cryptocurrency and its overall market sentiment.

Meanwhile, Cardano has managed to build a strong community and, according to the chatbot, “continues to be seen as a slow and steady project.”

Its focus on scalability, sustainability, and interoperability could attract long-term investors, especially if the crypto market tends toward more utility-based projects.

Broader market trends and macroeconomic factors

As expected, the best performance of the cryptocurrency market (highly dependent on the price of Bitcoin) often has an impact on altcoins such as XRP and ADA.

“If the market is bullish, both could see substantial gains, while a bearish trend could hurt them.”

At the same time, decisions associated with any changes in interest rates, inflation and global economic conditions may 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 recovered after that.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!