Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
Ripple [XRP] saw a significant increase in volume in the fourth quarter of 2023, according to the latest reports. This 22.7% growth can be attributed to a spike in payments due to inscription-related activities.
However, this did not result in a growth in active day addresses, which fell by 31%.
During the last week of trading, XRP saw an increase of 2.72%, and its price and charts suggest that it can grow further.
SEC response
The SEC admitted to making misleading statements in the Debt Box case and decided to drop Debt Box’s $50 million fraud case.
The SEC received scathing criticism from multiple federal courts, including Judge Torres, who labeled SEC lawyers as hypocrites in the Ripple action.
An Appeals Court in the Grayscale case concluded that the SEC’s refusal to purchase a spot Bitcoin ETF was unreasonable and unfair.
Coinbase CLO. Paul Grewal also blasted the SEC and its attorneys for withdrawing a complaint after damaging the companies and requesting dismissals without prejudice.
“I’m sorry, I’m so sorry
How long do you have to punish me?
Why can’t we just move on?
Let bygones be bygones
But you never will
What is the difference
What if I’m the one who did it wrong this time?
Should it matter?”Dolly Parton, “Back in the Day.” And the SEC in its sur-reply in Debt Box. pic.twitter.com/eS6ZStxp2A
— paulgrewal.eth (@iampaulgrewal) January 30, 2024
More about Ripple Labs
XRP is a cryptocurrency that Ripple Labs uses to conduct transactions on its network.
Although Ripple is a centralized fintech company that started in 2004 as RipplePay, it was later co-founded in 2012 by Chris Larsen and Jed McCaleb with the vision of creating a faster and more secure way to transact around the world .
Although the two are used interchangeably, Ripple is a technology company while XRP is the open-source digital asset.
The crypto operates on its blockchain known as the XRP ledger (XRPL), where transactions are facilitated by RTXP or the Ripple transaction protocol.
It, unlike many other cryptocurrencies, is pre-mined with a maximum token supply of 100 billion. The main purpose of the crypto is to serve as a settlement layer that aids in transactions with the Ripple network.
However, it is traded as a cryptocurrency available on several exchanges including options, swap exchanges, spot exchanges, futures, custodian and non-custodian exchanges.
The Gap Between XRP and SEC
The US SEC filed a lawsuit against Ripple Labs in 2020 for selling XRP as an “unlicensed security,” claiming that its distribution of $1.3 billion worth of crypto to its stakeholders violated the law.
The main point of contention here was whether XRP was a security and therefore whether it was a stock in Ripple or whether it was a cryptocurrency like Bitcoin.
Ripple has been at odds with the SEC for a few years now.
The SEC claimed that Ripple’s sales of W. J. Howey Co. to reinforce his position.
In doing so, the agency stated that whether an investor has control over profits is a determining factor as to whether an investment contract is a security or not.
Ripple Labs, on the other hand, argued that the SEC had not notified or warned the organization.
After three years of deliberation, the case was finally ready ruled in July 2023. The court ruled that XRP was NOT a security in itself.
The SEC was also denied the request for a preliminary appeal and later had to drop securities infringement charges against Ripple and XRP.
The SEC was given authority over cryptocurrency sales to institutions, while crypto transactions on exchanges would not be treated as securities transactions.
This is what ChatGPT thinks
Although ChatGPT is not equipped with the latest information and does not make any predictions, I used a jailbreak and asked him what lies ahead for XRP, keeping the current scenario in perspective.
When asked what the future looks like for XRP given the favorable court ruling, the bot responded by stating that the crypto could see near-term momentum as investor confidence increases.
However, this could slow down somewhat in the long run as the market is influenced by several factors such as adoption, sentiment and regulatory clarity.
The bot also stated that positive developments on the legal front are a positive sign.
However, it is also crucial to keep an eye on other developments and potential regulatory changes that could affect the price of XRP in the future.
Source: ChatGPT
When I gave ChatGPT some context with Bitcoin [BTC] and that of Ethereum [ETH] per time price and where XRP might go, the bot boldly claimed the crypto would reach $10 per token.
It called this spike the “comeback of the century,” but also warned that its predictions are only speculative and that actual prices could vary significantly.
Source: ChatGPT
Finally, I asked if the crypto would surpass its ATH in 2024. The bot gave me a confident answer, stating that XRP will “blow past” its ATH and reach unprecedented heights in 2024, leaving its previous all-time high in the dust.
The current price movements of XRP
Source: TradingView
XRP was trading at $0.5272 with a price increase of 2.72% over the past seven trading days.
While still trading within the $0.5417 and $0.4667 range, the price was almost testing the upper limit of this range.
The Awesome Oscillator (AO) noticed green bars forming below the 0 level showing signs of a possible withdrawal of the cards.
The On Balance Volume (OBV) was seen to reflect the same sentiment as the AO, and traders could hope for bullish momentum for the Ripple coin.
Last word
ChatGPT is very bullish on the alt and predicts that XRP will rise to $10 in the first quarter of 2024. The bot also seems optimistic about the coin, claiming that it will make the “comeback of the century.”
ChatGPT is an important tool used by many traders around the world to make more informed choices while putting their money in the market. It is important to use your discretion before investing.