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Ripple’s price has been unable to break out definitively in the past few months. In fact, XRP is down 5% in the past 30 days, while most of the other cryptocurrencies are charting gains.
Nevertheless, the past couple of weeks have seen XRP regain some of its standing, increasing by some 11%. In the last 24 hours, XRP pumped above $0.54, recording an improvement of 2.9%.
That said, we decided to ask ChatGPT if XRP will be able to surge beyond $2, assuming the year is positive for cryptocurrencies, in general – as it has been up until this moment.
Before we dive into it, if you want to check out some exciting XRP price predictions, take a look at our most recent video here:
What to Watch for the XRP Price in 2024?
ChatGPT put forward a few factors that are likely to influence the price of Ripple’s XRP in the current year.
The first one, and perhaps the most obvious, is the outcome of the lawsuit against the US Securities and Exchange Commission.
A win against the SEC would likely be a significant positive catalyst for Ripple (XRP). It would remove a major legal uncertainty that has been overhanging Ripple for some time. The lawsuit’s resolution could potentially unlock Ripple’s ability to engage with more financial institutions and expand its use cases, which could positively impact its price.
As CryptoPotato recently reported, the SEC achieved a minor victory as the judge requested Ripple to reveal important financial information for the years of 2022 and 2023.
What’s going on with the case between the SEC and Ripple ( $XRP )?
-> Latest update from last week: SEC achieved a small victory as Judge Sarah Netburn ordered Ripple to disclose financial records for 2022 and 2023.
-> Ripple had previously contested the agency’s request. pic.twitter.com/fy8ZrTHnyA— CryptoPotato Official (@Crypto_Potato) February 14, 2024
Market sentiment will also play an important role. If the broader cryptocurrency industry remains bullish, as it’s so far been in 2024, XRP will have a better chance at increasing toward $2 later in the year.
A bullish market sentiment overall, particularly for cryptocurrencies, would contribute to a favorable environment for XRP’s price to increase. Cryptocurrencies often move in tandem with broader market trends, and a bullish phase could see increased investment and higher prices across the board.
Other Factors to Consider
Beyond Ripple’s case with the SEC and broader market sentiment, ChatGPT also outlined that the way regulators across the world structure their view on the industry is also important.
Beyond the lawsuit, the regulatory environment for cryptocurrencies in key markets globally plays a crucial role. Positive developments, such as clear regulations that support cryptocurrency innovation and use, could benefit XRP.
Last but not least, adoption and use cases will also play a role. Broader adoption for cross-border payments by financial institutions could increase the demand for XRP.
To that end, Ripple recently announced an important acquisition. They acquired Standard Custody & Trust Company – a firm that holds a limited purpose trust charter and money transmitter licenses across the United States, among a number of other important permits. This will help Ripple with its plans to roll out its payment solutions in the US.
This article first appeared at CryptoPotato
