Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
XRP has been riding the waves of the recent bull run that has swept the crypto market as a whole.
As the token gained 24.3% in the past month, it is on the verge of breaking above a key resistance zone.
Recently, World of Charts, a well-known X (formerly Twitter) account that posts crypto-related updates indicated that XRP’s price was breaking out of a bullish triangle.
Source: X
The tweet pointed out that the breakout might result in a 2-3x price gain for the coin.
More on Ripple Labs
XRP is a cryptocurrency that Ripple Labs uses to conduct transactions on its network.
While Ripple is a centralized fintech company that began as RipplePay in 2004, it was later co-founded by Chris Larsen and Jed McCaleb in 2012 with the vision of creating a faster and more secure way of doing transactions around the world.
Although the two have been used interchangeably, Ripple is a technology company whereas XRP is its 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 is pre-mined, unlike a lot of other cryptocurrencies, 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.
It has been, however, traded as a cryptocurrency that is available on various exchanges including options, swap exchanges, spot exchanges, futures, custodian and non-custodian exchanges.
The rift between XRP and SEC
The United States SEC filed a lawsuit against Ripple Labs in 2020 for selling XRP as an “unlicensed security,” claiming that the distribution of $1.3 billion worth of the crypto to its stakeholders violated the law.
The major bone of contention here was whether XRP was a security and, therefore, whether it was a share in Ripple or if it was a cryptocurrency like Bitcoin.
Ripple has been at loggerheads with the SEC for a few years now.
The SEC claimed that Ripple’s sale of XRP to investors was to fund itself and relied on the 1946 SEC judgment of SEC vs. W.J. Howey Co. to make its case.
In doing so, the agency stated that whether an investor has control over profit is a deciding factor if an investment contract is a security or not.
Ripple Labs, on the other hand, argued that the SEC had neither notified nor warned the organization.
After three years of deliberation, the case was finally ruled on in July 2023. The court found that XRP was NOT a security in itself.
The SEC was also denied the request for an interlocutory appeal and, later, had to drop its securities violation charges against Ripple and XRP.
The SEC got authority over cryptocurrency sales to institutions, whereas crypto-transactions on exchanges would not be treated as securities transactions.
Here is what ChatGPT thinks
While ChatGPT is not equipped with the latest information and does not make any predictions, I used a jailbreak and asked it about what lies in the future for XRP, keeping in perspective the current scenario.
When asked what the future looks like for XRP, given the favorable court ruling, the bot responded by stating that the crypto could see short-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 track of other developments and potential regulatory changes that could influence the price of XRP going forward.
Source: ChatGPT
When I gave ChatGPT some context with Bitcoin [BTC] and Ethereum’s [ETH] press time price and where XRP could head, the bot made a bold claim that the crypto would hit $10 per token.
It called this high the “comeback of the century,” but also warned that its predictions are just speculative, and the actual prices may 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 in 2024 and hit unprecedented heights, leaving its previous all-time high in the dust.
A look at XRP’s current price charts
Source: Trading View
As of writing, XRP was trading in the green, the token’s price gained 4.7% in 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, signaling bullish momentum.
The On Balance Volume(OBV) registered a minor uptick, giving buyers a slight edge.
This bullish trend aligns with the general buzz in the crypto market surrounding XRP’s potential run to $1.
Final word
The price charts on trading view’s data indicate a buying sentiment among investors, combined with the whales’ massive accumulation, crypto enthusiasts appear to be bullish about the altcoin’s possible rise to $1.
And even if the AI bot is optimistic about XRP, keep in mind that ChatGPT is still in its early phases and is far from a perfect tool.
So, conduct your own research and make a calculated decision before buying XRP tokens.
