Ripple has been entangled in a legal battle with the Securities and Exchange Commission [SEC] for the past two years, causing uncertainty for XRP, which was labeled a ‘security’ and impeding its growth. Following Ripple’s partial victory against the SEC, XRP witnessed a positive trend, but Google Bard, the AI chatbot, suggests even greater potential lies ahead for the asset.
The AI tool presents various analyst perspectives, with some predicting an average price of $1.30 by the end of 2023, indicating a potential surge of over 80%.
Currently, XRP is trading at $0.7154, with a daily increase of 2.38%. Over the last 30 days, the asset has surged significantly by 48%. However, in the past week, XRP faced a decline of 11%. The market sentiment seems to favor more sellers than buyers, as observed from the chart. Taking these factors into account, some analysts suggest that XRP’s price could range from $0.47 to $0.71 by the end of the year.
Moreover, the 24-hour long/short ratio for XRP indicates a bearish sentiment among the asset’s community or investors, with a higher proportion of short positions compared to long positions.
Bard further added,
“Ultimately, the price of XRP will depend on a number of factors, and it is impossible to say for sure what it will be at any given time.”
These ‘factors’ encompass the overall performance of the cryptocurrency market, the future progress of the Ripple ecosystem, and the ultimate resolution of the SEC lawsuit.
Ripple’s Legal Battle and Potential Impact on XRP’s Price
Ripple’s recent legal case resulted in a significant outcome, confirming that XRP is not considered a security. This determination exempts various activities related to the token from regulatory scrutiny. However, institutional sales of XRP were ruled to have violated federal securities laws, leading to potential implications for the asset’s future.
According to Stuart Alderoty, Ripple’s chief legal officer, the court’s decision provides explicit regulatory clarity for both Bitcoin (BTC) and XRP. Despite this partial victory, the legal dispute with the Securities and Exchange Commission (SEC) is still ongoing and holds critical implications for XRP’s price. Depending on the outcome, the lawsuit could result in either a surge in demand for XRP or have a negative impact on its price. The situation remains subject to further dispute and will be closely watched during subsequent court proceedings.