We asked ChatGPT if Ripple (XRP) can become one of the top 3 cryptocurrencies this year

TL;DR

Ripple’s XRP has surged above $0.60, with a market cap of over $34 billion, making it the sixth largest cryptocurrency. Future growth depends on several factors, one of which is the final outcome of the lawsuit against the US SEC. The Necessary Conditions

Ripple’s XRP has been one of the best performing cryptocurrencies of late, with its price jumping above the $0.60 mark for the first time in over three months. Its market capitalization exceeded 34 billion dollars, thus positioning the asset as the sixth largest in the entire kingdom.

We decided to ask ChatGPT if the progress can continue in the coming months and if XRP has any chance to reach the top 3 crypto clubs.

The AI-powered chatbot estimated this scenario based on five essential factors. The first (and probably most important) is a settlement of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).

The entities have been fighting for more than three and a half years, and the company has won three partial victories in court throughout 2023. The price of XRP reacted positively to each triumph, which means that a possible victory Ripple’s decisive move could act as a catalyst for another rally.

The second element represented by ChatGPT includes market adoption and the creation of strategic partnerships that could improve utility and demand for the asset. Over the past few years, Ripple has joined hands with numerous leading financial institutions, including one of Egypt’s largest banks: Commercial International Bank (CIB), Thailand’s oldest bank, Siam Commercial Bank (SCB) and the Attijariwafa Bank of Morocco.

Favorable market conditions, technological developments, and regulatory clarity are other vital factors that could boost XRP’s ranking in the crypto sector.

“While these factors may contribute to XRP’s rise, predicting its exact position in the cryptocurrency rankings remains speculative and dependent on various market dynamics,” ChatGPT warned.

Currently, the top 3 positions belong to Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). The stablecoin has a market cap of more than $110 billion, which means XRP has a long way to go before it turns around.

Ripple v SEC: Latest Developments

The lawsuit dates back to December 2020 when the regulator sued the company and some of its executives, accusing them of conducting an unregistered securities offering through XRP sales. It entered its testing phase in April, and some experts suggested a resolution could occur in the near future.

US Attorney Fred Rispoli predicted a settlement as early as this month, while Jeremy Hogan believes the case could be closed before the end of the summer. It’s worth noting, however, that the case can drag on indefinitely due to potential appeals from both sides.

One of the main issues that can prevent the outcome is the size of Ripple’s penalty. The SEC initially asked for a fine of $2 billion, while the company insisted that the sum should not exceed $10 million. The regulator later softened its tone, reducing the demand to $102.6 million.

For those curious to learn more about the details of the legal battle and its impact on XRP’s price, check out our dedicated video below:

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!