Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
The XRP community is at a crossroads as a result of the token’s underperformance and relatively stagnant pricing.
However, a member of the XRP community has referred to a video of a top executive to remind the community of the token’s potential despite concerns over its underperformance.
Versan Aljarrah, a prominent XRP community member, posted a video on the X platform.
In the video, Miles Franklin CEO Andy Schetman advocates for XRP and how it can help everyone become “incredibly wealthy.”
He mentioned how XRP’s pricing lets anyone to invest a “modest amount of money” and yet earn substantial returns.
Source: X
Schetman expressed confidence in XRP’s capacity to lead the road for financial growth, noting its accessibility to investors of various economic backgrounds.
He emphasized the notion of de-dollarization, a worldwide trend aimed at reducing reliance on the US dollar as the major reserve currency, and warned of the need to accept or be “rolled by the changes.” He claimed that tokens like XRP are a “great alternative to the US dollar.”
More on Ripple Labs
XRP is a cryptocurrency that Ripple Labs uses to conduct transactions on its network.
While Ripple is a centralized fintech company that began as RipplePay in 2004, it was later co-founded by Chris Larsen and Jed McCaleb in 2012 with the vision of creating a faster and more secure way of doing transactions around the world.
Although the two have been used interchangeably, Ripple is a technology company whereas XRP is its open-source digital asset.
The crypto operates on its blockchain known as the XRP ledger (XRPL) where transactions are facilitated by RTXP or the Ripple transaction protocol.
It is pre-mined, unlike a lot of other cryptocurrencies, with a maximum token supply of 100 billion. The main purpose of the crypto is to serve as a settlement layer that aids in transactions with the Ripple network.
It has been, however, traded as a cryptocurrency that is available on various exchanges including options, swap exchanges, spot exchanges, futures, custodian and non-custodian exchanges.
The rift between XRP and SEC
The United States SEC filed a lawsuit against Ripple Labs in 2020 for selling XRP as an “unlicensed security,” claiming that the distribution of $1.3 billion worth of the crypto to its stakeholders violated the law.
The major bone of contention here was whether XRP was a security and, therefore, whether it was a share in Ripple or if it was a cryptocurrency like Bitcoin.
Ripple has been at loggerheads with the SEC for a few years now.
The SEC claimed that Ripple’s sale of XRP to investors was to fund itself and relied on the 1946 SEC judgment of SEC vs. W.J. Howey Co. to make its case.
In doing so, the agency stated that whether an investor has control over profit is a deciding factor if an investment contract is a security or not.
Ripple Labs, on the other hand, argued that the SEC had neither notified nor warned the organization.
After three years of deliberation, the case was finally ruled on in July 2023. The court found that XRP was NOT a security in itself.
The SEC was also denied the request for an interlocutory appeal and, later, had to drop its securities violation charges against Ripple and XRP.
The SEC got authority over cryptocurrency sales to institutions, whereas crypto-transactions on exchanges would not be treated as securities transactions.
Here is what ChatGPT thinks
While ChatGPT is not equipped with the latest information and does not make any predictions, I used a jailbreak and asked it about what lies in the future for XRP, keeping in perspective the current scenario.
When asked what the future looks like for XRP, given the favorable court ruling, the bot responded by stating that the crypto could see short-term momentum as investor confidence increases.
The bot also stated that positive developments on the legal front are a positive sign.
However, it is also crucial to keep track of other developments and potential regulatory changes that could influence the price of XRP going forward.
Source: ChatGPT
When I gave ChatGPT some context with Bitcoin [BTC] and Ethereum’s [ETH] press time price and where XRP could head, the bot made a bold claim that the crypto would hit $10 per token.
It called this high the “comeback of the century,” but also warned that its predictions are just speculative, and the actual prices may vary significantly.
Source: ChatGPT
Finally, I asked if the crypto would surpass its ATH in 2024. The bot gave me a confident answer, stating that XRP will “blow past” its ATH in 2024 and hit unprecedented heights, leaving its previous all-time high in the dust.
A look at XRP’s current price movements
Source: Trading View
As of this writing, the XRP price has risen by 4.1% in the last 24 hours and is now trading at $0.5737.
The token’s sudden surge above the $0.55 mark has sparked widespread interest in the global crypto community, with major experts lately expressing an optimistic outlook on XRP.
The MACD depicted several minor green histograms above the half-line, which indicates a buyer’s momentum.
Capital inflows were also growing as the Chaikin Money Flow (CMF) indicator moved above the zero line.
Final word
Even though Ripple is going through a turbulent phase in its journey, the token’s community seems to be holding the fort and extending its support to the coin by highlighting its potential.
ChatGPT also seems optimistic about XRP and predicts the coin to ‘blow past its all-time high’ and reach unprecedented heights.
But you should always remember that ChatPGT can make mistakes as the chatbot’s predictions can go wrong, so make sure to conduct through research before buying any crypto token.
