CoinDesk reports:
Could XRP reach $10 if Ripple wins its case against the SEC this year?
The case of Ripple against the U.S. Securities and Exchange Commission is one of the most closely watched cases this year. Its impact could extend throughout the industry, as the court’s decision on whether XRP is a security could also affect other cryptocurrencies. In other words, the chances of Ripple prevailing have increased since Judge Torres’s decision last year, and now we’ve decided to poke ChatGPT on whether XRP could reach $10 if Ripple emerges victorious.
Will XRP hit $10?
The likelihood of the lawsuit between the SEC and Ripple concluding this year is doubtful, and even more doubtful is whether Ripple can emerge victorious.
However, ChatGPT speculates on whether XRP could reach $10 if such a scenario unfolds in 2024.
According to the AI-driven chatbot, such a decision will impact several areas.
Primarily, if the company succeeds, it could have a positive effect on its stock price as it may boost investor confidence, leading to increased buying pressure. However:
Whether XRP reaches $10 depends on various factors, not just regulatory outcomes. This will require significant buying interest and market momentum. While XRP has reached high prices in the past, whether it can sustain or surpass $10 will depend on the current market dynamics and adoption levels.
Additionally, ChatGPT believes that even if XRP temporarily soars to $10 under the influence of positive news, “its sustainability at this level will depend on broader adoption, use cases, and sustained market demand.”
Are there other factors at play?
ChatGPT highlights an interesting point, “The price trajectory of XRP largely hinges on current market dynamics and adoption levels, and may not necessarily benefit even after a positive legal resolution.”
Market sentiment can be unpredictable, and short-term price surges may not be sustained if the overall market conditions do not support it.
