XRP Price Predictions Soar if Ripple Wins SEC Lawsuit, According to ChatGPT
The outcome of the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has been a major determining factor for the price of XRP. In 2020, the SEC charged Ripple with violating securities laws by selling XRP to both retail and institutional investors.
Since the SEC filed its lawsuit on December 22, 2020, XRP has experienced a bearish trend. While other digital assets reached new all-time highs (ATHs) in 2021, XRP failed to surpass its previous record of $3.84, which was achieved on January 4, 2018.
Many speculate that this downward price movement for XRP will continue until a final verdict is reached in favor of Ripple in the multi-year lawsuit. In July 2023, when Judge Torres issued her summary judgment decision, XRP spiked to $0.93, signaling a partial victory for Ripple. This ignited investor optimism about a potential massive rally for XRP once the final verdict is announced. Currently, the parties have submitted relevant briefs regarding remedies, and experts anticipate a resolution before the end of this year according to Ripple CEO Brad Garlinghouse.
To gain insight into XRP’s potential price if Ripple wins, we consulted ChatGPT, an AI chatbot. Interestingly, ChatGPT projected a significant spike in XRP’s price if Ripple emerges victorious in the final verdict.
ChatGPT identified three factors that could drive XRP’s price to astronomical levels if Ripple wins. Firstly, regulatory clarity would be achieved, which could lead to increased adoption of XRP. Secondly, XRP has been trading in a multi-year symmetrical triangle, suggesting the potential for a breakout and subsequent upward price movement if Ripple prevails. Lastly, ChatGPT noted the accumulation of XRP by crypto whales over the years, stating that this long-term holding could positively impact the price if new investors enter the market following a favorable ruling for Ripple.
Based on these factors, ChatGPT provided price targets for XRP in three categories: conservative, moderate, and aggressive estimates. The conservative estimate suggests that XRP could reach between $3 and $5 if Ripple wins the SEC lawsuit. The moderate estimate predicts a price range of $5 to $10, with factors such as institutional interest, broader adoption, and new partnerships potentially driving XRP’s price towards the higher end. The aggressive estimate projects that XRP could soar to $10 or even higher, but this would require significant market adoption and new use cases for XRP post-lawsuit.
However, it is important to exercise caution when investing in cryptocurrencies, including XRP. The speculative nature of the market makes it challenging to provide accurate price predictions for this asset class.
At present, XRP is experiencing a 5.06% decline in the last 24 hours, trading at $0.4204. This represents an 89.07% decrease from its ATH and a 12.04% decrease in the weekly charts.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed are solely those of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.