Disclaimer: This information is not intended to be a comprehensive guide. financialThe writer is not providing any investment, trading or other types advice.
XRP The crypto market has seen a recent bull run.
The token has gained 24.3% over the last month and is now on the brink of breaking through a major resistance zone.
World of Charts (formerly Twitter), a popular X account that updates crypto-related news, recently indicated that XRP was breaking out of a triangle.
Source: X
The tweet pointed out that the breakout might result in a 2-3x price gain for the coin.
Ripple Labs: More Information
XRP Ripple Labs’ network uses this cryptocurrency for transactions.
Ripple was founded in 2004 as RipplePay. In 2012, Chris Larsen and Jed McCaleb co-founded the company with the goal of creating a more secure and faster way to conduct transactions.
Though the terms have been used interchangeably in the past, Ripple and XRP are two different companies.source digital asset.
The Ripple Transaction Protocol (RTXP) facilitates transactions on the XRP ledger, which is the crypto’s blockchain.
The token supply is 100 billion, and unlike many other cryptocurrencies it has been pre-mined. The primary purpose of this crypto is as a settlement system that helps with transactions through the Ripple network.
The cryptocurrency has however been traded on various exchanges such as swap exchanges and spot exchanges. Futures are also available, along with custodians and non-custodians.
The rift that exists between XRP (XRP) and SEC
The United States SEC filed an a lawsuit Ripple labs is facing a lawsuit in 2020 over the sale of XRP. “unlicensed security,” The claim that the distribution to the stakeholders of the crypto worth $1.3 billion was illegal.
The main bone of contention was whether XRP is a security, and therefore whether it’s a share in Ripple, or if it’s a cryptocurrency, like Bitcoin.
Ripple and the SEC have been at odds for several years.
The SEC argued that Ripple was selling XRP as a way to fund its own operations. It cited the 1946 SEC decision of SEC vs. W.J. Howey Co. was used to support its argument.
The agency decided that whether the investor controls profit was a factor in determining if a contract for investment is a financial instrument or not.
Ripple Laboratories, on the contrary, claimed that the SEC hadn’t notified the organization or given it any warnings.
After three years, the case has finally been decided. ruled In July 2023. The court ruled that XRP itself was not a security.
The SEC also refused the request for an interim appeal and later had to drop their securities violation charges against Ripple & XRP.
The SEC has authority over the sale of cryptocurrency to institutions. Crypto-transactions made on exchanges are not treated as securities transactions.
ChatGPT has a few thoughts.
ChatGPT does not have the most recent information, nor do they make predictions. I jailbroke it and asked what the future holds for XRP while keeping the current situation in mind.
The bot’s response to a question about the future of XRP was that, with the court ruling in favor, it could see a surge in short-term momentum, as investor confidence grows.
The bot stated that positive developments in the legal field are also a good sign.
It is crucial to also keep an eye on other developments and regulatory changes which could impact the price of XRP in the future.
Source: ChatGPT
ChatGPT is a great tool for chatting with others. Bitcoin [BTC] You can also find out more about the following: Ethereum’s [ETH] The bot, when asked about the press time price of XRP and its possible future, boldly claimed that the token would be worth $10.
This is called the high way “comeback of the century,” However, it warned that these predictions are speculative in nature and that actual prices can vary considerably.
Source: ChatGPT
I then asked if it would exceed its ATH (all-time high) in 2024. The bot confidently replied that XRP is going to surpass its ATH by 2024. “blow past” Its ATH in 2024 will reach unprecedented heights and leave its previous highest point in the dust.
Take a look at XRP price charts
Source: Trading View
The price of XRP tokens has increased by 4.7% during the last seven days and currently stands at $0.6236.
After displaying a bullish cross-over, the MACD flashed a series of green histograms over the signal line. This signaled bullish momentum.
It is important to note that the word “you” means “you”. On Balance Volume (OBV) The price of the car has increased slightly, giving buyers an edge.
This bullish pattern is consistent with the general buzz that has been generated in the crypto markets about XRP’s potential to reach $1.
Final Word
Crypto enthusiasts seem to be optimistic about the altcoin’s potential rise to $1.
ChatGPT, even if it is optimistic about XRP is still a new tool and in its infancy.
You can conduct yourself in a number of ways. own Research and make a calculated choice before purchasing XRP tokens.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
