Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
XRP has been riding the waves of the recent bull run that has engulfed the crypto market as a whole.
As the token has risen 24.3% over the past month, it is poised to break above a key resistance zone.
Recently, World of Charts, a well-known X account (formerly Twitter) that posts crypto-related updates, indicated that the price of XRP was coming out of a bullish triangle.
Source:
The tweet indicated that the breakout could result in a 2-3x price gain for the coin.
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 WJ 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.
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.
A look at the current price charts of XRP
Source: trading view
At the time of writing, XRP was trading in the green, the token’s price rose 4.7% over the past week and is currently trading at $0.6236.
The MACD flashed several green histograms above the signal line after displaying a bullish crossover, indicating bullish momentum.
The Net volume (OBV) registered a small increase, giving buyers a slight edge.
This bullish trend is in line with the general buzz in the crypto market surrounding XRP’s potential price to $1.
Last word
The price charts from Trading View data indicate buying sentiment among investors. Coupled with the whales’ massive accumulation, crypto enthusiasts seem optimistic about the altcoin’s potential rise to $1.
And even if the AI bot is bullish on XRP, keep in mind that ChatGPT is still in its early stages and is far from a perfect tool.
So do your own research and make a calculated decision before purchasing XRP tokens.