News
We asked ChatGPT if Ripple (XRP) can become a top 3 cryptocurrency this year — TradingView News
In short
Crypto-potato
The necessary conditions
Ripple’s XRP has been among the best-performing cryptocurrencies lately, with its price jumping above the $0.60 mark for the first time in more than three months. Its market cap has surpassed $34 billion, making it the sixth-largest in the entire realm.
We decided to ask ChatGPT if the progress will continue in the coming months and if XRP has any chance of reaching the top 3 cryptocurrency club.
The AI-powered chatbot estimated that this scenario relies on five essential factors. The first (and probably most important) is the resolution of the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC).
The two entities have been battling it out for over three and a half years, with the company securing three partial victories in court throughout 2023. The price of XRP has reacted positively to each triumph, meaning a potential decisive victory for Ripple could serve as a catalyst for another rally.
The second element represented by ChatGPT includes market adoption and strategic partnerships that could enhance the utility and demand of the asset. In recent years, Ripple has joined hands with several leading financial institutions, including one of the largest banks in Egypt, Commercial International Bank (CIB), Thailand’s oldest bank, Siam Commercial Bank (SCB), and Morocco’s Attijariwafa Bank.
Favorable market conditions, technological developments, and regulatory clarity are other key factors that could improve XRP’s positioning in the cryptocurrency industry.
“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 spots belong to Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The stablecoin has a market cap of over $110 billion, which means that XRP still has a long way to go before it surpasses it. Ripple vs SEC: The 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 via XRP sales. It entered the trial phase in April, with some experts suggesting a resolution could come in the near future.
American attorney Fred Rispoli envisioned a settlement as early as this month, while Jeremy Hogan believes the case could be concluded before the end of the summer. It is worth noting, however, that the case could be extended indefinitely due to possible appeals by both sides.
One major issue that could impede the outcome is the size of Ripple’s fine. The SEC initially asked for a whopping $2 billion fine, while the company insisted that the amount should not exceed $10 million. The regulator later toned down its request to $102.6 million.
For those curious to learn more about the details of the legal battle and its impact on the price of XRP, you can watch our dedicated video below: