The price of XRP has been shrouded in uncertainty due to the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). While Ripple initially secured a victory when the court declared XRP was not a security, the cryptocurrency market anticipates that the case’s final resolution will significantly impact the asset’s price.
In this context, Finbold sought insights from Google Bard, an interactive artificial intelligence (AI) tool, to understand how XRP might trade if Ripple and its executives emerge victorious after the case.
In response to Finbold’s inquiry, Google Bard stated that a favorable outcome for Ripple in its case against the SEC could lead to a substantial surge in the price of XRP. Bard’s prediction suggests that, in the short term, the price of XRP could range from $2.50 to $3.00.
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Apart from the SEC case outcome, Bard pointed out that the valuation of XRP is influenced by factors such as market sentiment, the overall regulatory landscape, and developments in Ripple’s partnerships.
“Based on the factors I mentioned in my previous response, I believe that the price of XRP could range from $2.50 to $3.00 in the short term if Ripple wins its case against the SEC. This would represent a significant increase from its current price of around $0.50,” the tool said.
However, Bard cautioned that, due to the volatility of the crypto market, the price of XRP could fall within a range either higher or lower than the one provided. Notably, after Ripple’s initial win, the value of XRP skyrocketed to almost $1 but was weighed down by overall market sentiments.
Status of Ripple case with SEC
It’s important to note that the legal battle between Ripple and the SEC is still ongoing, and the outcome remains uncertain, as the case is scheduled for trial in 2024. Ripple’s president, Monica Long, has committed to pursuing the case to its conclusion, as reported by Finbold. She stated, “The company plans to continue to fight the case all the way through.”
This commitment comes after Ripple secured a recent victory when the presiding judge denied the regulator’s motion for an interlocutory appeal. In light of this development, John Deaton, a prominent lawyer advocating for XRP, has cast doubt on the likelihood of a trial in the case.
Deaton expressed skepticism about the SEC’s prospects if it chooses to pursue this high-profile case, emphasizing the numerous complexities the regulatory agency would face. He has pointed out that, due to these uncertainties, the SEC might consider settling the case and redirecting its focus to other high-profile litigations involving crypto exchanges like Coinbase and Binance.
XRP price analysis
By press time, XRP was trading at $0.49, marking a correction of nearly 7% in the past seven days.
According to technical analysis based on one-day data obtained from TradingView, XRP currently exhibits a bearish trend. The summary indicates a ‘sell’ signal at 10, while moving averages suggest a ‘strong sell’ at 13. Oscillators are neutral at 9.
In the meantime, XRP continues to trade in tandem with the general crypto market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
