Ripple’s XRP has become one of the most-traded altcoins throughout the past few months, and this has largely to do with the recent ruling in the case between Ripple Labs and the United States Securities and Exchange Commission.
The presiding judge, Analisa Torres, ruled that secondary XRP sales do not constitute an investment contract. This essentially means that they are not securities and do not fall under the purview of the SEC.
The news had an immediate impact on XRP’s price, which doubled in a day. You can find more about it in our short video here:
It’s also worth noting that many cryptocurrency exchanges had previously delisted XRP, fearing repercussions, but once the ruling was in, most of them immediately re-listed it.This caused a massive surge in trading volume overnight, eventually making XRP the most-traded cryptocurrency amid US-based exchanges.
That said, we decided to ask ChatGPT how soon XRP can reach the coveted target of $1.
It had almost reached that price back when the ruling was made but has given up all the gains since then.
ChatGPT thinks that regulatory developments are among the crucial considerations that could push the price forward and help it regain $1.
Undoubtedly, the outcome of the case against the US SEC is going to play a critical part in XRP’s price performance, and it’s interesting to see if the Commission will be successful in its appeal of Judge Torres’ decision.
Other important considerations include market sentiment, speculation, adoption, and more.
Indeed, throughout the past week, XRP’s price has been performing relatively well, reclaiming the important psychological level of $0.50. This has given birth to many price predictions, some more realistic than others.
You can check some of the most recent XRP price predictions here.
