TL;DR
- XRP tapped a three-year high, but achieving a new ATH of over $3.84 by Christmas depends on numerous factors.
- Ripple’s stablecoin, RLUSD, could positively impact XRP’s price if launched soon, but its approval by the NYDFS remains uncertain.
A Very Special Christmas for the XRP Army?
Ripple’s XRP has been making the headlines in the past few weeks, registering an impressive price increase and outperforming its rivals. On November 29, it reached a three-year high of $1.67, while some analysts believe the bull run could take it to a new all-time high before Christmas.
We decided to poke the AI brains of ChatGPT and see if it shares that thesis. The popular chatbot claimed such a scenario is unlikely but not entirely out of the cards. However, surpassing $3.84 (the ATH registered in 2018) will depend on multiple factors.
Perhaps the most important is the shift in the leadership of the US Securities and Exchange Commission (SEC). Not long ago, the current Chairman, Gary Gensler, confirmed he will step down on January 20, 2025. This has led to speculation that the next leader will be pro-crypto and not hamper the industry’s advancement with constant legal battles.
To the uninitiated, the Commission filed countless lawsuits against cryptocurrency businesses over the years. Among those is the legal tussle versus Ripple, which has been ongoing for almost four years.
According to ChatGPT, though, XRP might experience a significant pump once Gensler vacate his post. It is unlikely that he will do so before Christmas this year.
Another essential element is the overall market sentiment. The AI-powered chatbot assumed that Ripple’s native token could head north if the entire cryptocurrency sector thrived. Despite a recent correction, the market’s condition remains quite bullish, with Bitcoin (BTC) trading well above $95,000 and Ethereum (ETH) tapping a six-month high of almost $3,700.
Last but not least, ChatGPT reminded about XRP’s historical performance, noting that the asset is capable of charting double and even triple-digit gains in a short period of time.
The Potential Role of RLUSD
Another factor that may boost the valuation of XRP in the near future is the eventual launch of Ripple’s stablecoin – RLUSD. Earlier this week, X user Vet said almost all tokens have been burned, sparking rumors that the product is ready to see the light of day.
Nonetheless, the community will have to wait for approval from the NYDFS. Monica Long (president of Ripple) recently stated:
“It’s up to them. They are reviewing our trust application. It’s going to be in their hands when they are approving it.”
Read the full article here
