TL;DR
- Ripple’s XRP fell to around $0.44 after previously surpassing $0.70, with hopes for a price revival tied to the outcome of the SEC lawsuit.
- ChatGPT predicts that while a legal win for Ripple against the SEC could boost XRP, the asset would need additional boost to surpass ETH.
Is It Possible?
Ripple’s XRP experienced a significant price resurgence in mid-March, surpassing the $0.70 mark. Since then, though, it has been on a massive downfall, recently tumbling below the $0.40 level for the first time in more than a year. Currently, the token is worth around $0.51 (per CoinGecko’s data).
Some industry participants believe that a possible revival of XRP’s price relies on a positive outcome of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). We decided to take that assumption a bit further by asking ChatGPT if the asset could flip Ethereum (ETH) in the event of a decisive win for the company.
The AI-powered chatbot predicted that such a scenario could boost considerably XRP’s value. However, flipping ETH sounds quite improbable and would require additional factors.
ChatGPT noted that Ethereum’s current market capitalization is over $370 billion, nearly 15 times larger than XRP’s. It also claimed that the second-largest cryptocurrency has solidified its leading position in the industry in the past few years due to its extensive ecosystem, including decentralized applications (dApps) and smart contracts, “which drive its utility and value.”
“XRP would need to see substantial adoption and utility beyond its current use cases to flip ETH in market cap. This would likely require widespread institutional adoption and favorable regulatory environments globally,” the chatbot concluded.
Ripple v SEC: The Latest Developments
The case has been ongoing since December 2020, when the regulator sued the company for conducting alleged unregistered securities offerings via XRP sales. After numerous ups and downs, the lawsuit finally reached its trial stage in April this year.
Even though this marks the final phase, industry participants might wait a bit longer for a final resolution due to the complexity of the legal process and possible appeals from both sides. One person who believes an agreement might occur as early as this month is the American attorney Fred Rispoli.
One major issue in the dispute is Ripple’s potential fine. The SEC initially sought a $2 billion penalty, while the firm insisted on a sum no larger than $10 million. Last month, the agency softened its tone, proposing a $102.6 million fine.
Those willing to learn more about the case and its impact on the XRP price, feel free to take a look at our dedicated video below:
