We Asked ChatGPT if Ripple (XRP) Can Become a Top 3 Cryptocurrency This Year

Long summary

• 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 Securities and Exchange Commission.

Requirements

Ripple’s XRP has been among the top performing cryptocurrencies of late, with its price jumping above $0.60 for the first time in over three months. Its market cap has surpassed $34 billion, making it the sixth-largest cryptocurrency by market cap.

We decided to ask ChatGPT if the progress could continue in the coming months and if XRP has any chance of reaching the top three cryptocurrencies. The club.

The AI-powered chatbot estimated that such a scenario would depend on five key factors. The first (and probably The most important) is the resolution of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).

For more than three and a half years, the entities have been facing the company. insurance Three partial court victories throughout 2023. The price of XRP has reacted positively to each victory, meaning that a potential decisive Ripple win could be It acts as a catalyst for Another demonstration.

The second element that ChatGPT captures involves market adoption and establishing strategic partnerships that will enhance the utility and demand for the asset. Over the past few years, Ripple has shaking hands With many leading financial institutions, including one of the largest banks in Egypt – Commercial International Bank (CIB), the oldest bank in Thailand – Siam Commercial Bank (SCB), and Bank Al-Maghrib Attijariwafa Bank.

Favorable market conditions, technological advancements, and regulatory clarity are other vital factors that can boost XRP’s ranking in the cryptocurrency sector.

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

Currently, the top three positions belong to Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). the stable currency XRP has a market cap of over $110 billion, which means XRP has a long way to go before it sells out.

Ripple vs. 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 via XRP sales. It entered its pilot phase in April, with some experts suggesting a resolution may be in the works. In the near future.

American Attorney Fred Rispoli Imagined An agreement could be reached early this month, while Jeremy Hogan believes The case could end Before the end of summer. Not worth anythingalthoug, who The case may take a long time. indefinitely due to potential appeals from both sides.

One Main The issue that may prevent the outcome is the size of the penalty for Ripple. Initially, the SEC to request The company imposed a massive fine of $2 billion, while insisting that the amount should not exceed $10 million. The regulator later softened its tone, reducing the demand to $102.6 million.

For those who would like to learn more about the details of the legal battle and its impact on the price of XRP, please check out the dedicated video below: