TL;DR
- Ripple plans to launch a stablecoin, RLUSD, later this year, which could boost confidence in its technology and possibly result in a rallying XRP price.
- Another element that could impact the token’s volatility is the Ripple v. SEC case, whose official end seems to be prolonged in the future.
ChatGPT’s Estimation
In April this year, Ripple revealed its plans to introduce a stablecoin pegged 1:1 to the US dollar. In the following months, the team shed further details about the product. It will be called RLUSD and will be available on the XRP Ledger (XRPL) and Ethereum.
The stablecoin is expected to go live later this year, with Ripple recently naming Bitstamp, Bitso, Uphold, Bullish, CoinMENA, Independent Reserve, and MoonPay as exchange partners of the initiative.
Some market observers believe the eventual launch of RLUSD could positively impact the price of XRP due to various reasons. We decided to ask ChatGPT whether it shares that thesis and whether the development could fuel a spike toward a three-year high of $1.
The AI-powered chatbot claimed the development might boost confidence in Ripple’s technology, driving increased interest and adoption of its blockchain and payment solutions. This, in turn, could result in an additional number of investors and a rising XRP price.
Currently, the asset is trading at around $0.55 (per CoinGecko’s data), meaning it needs to skyrocket by over 80% to hit the depicted target. According to ChatGPT, such an exponential increase will depend on numerous factors (not only the launch of RLUSD).
Some of the mentioned elements include a favorable resolution of the Ripple v. SEC lawsuit and overall bullish conditions of the entire cryptocurrency market.
The SEC Case Goes on
The legal battle, which started in December 2020, seems nowhere near its end.
Earlier this week, the SEC officially appealed parts of Judge Analisa Torres’ 2023 summary judgment, which determined that Ripple’s sales of its XRP token to retail investors on crypto exchanges did not violate US securities laws. On the other hand, the regulator did not contend with the asset’s status as non-security.
Speaking on the matter was the American attorney Jeremy Hogan who described the SEC’s latest filing as “a chicken move.”
“The SEC completely folded when it had the opportunity to actually try the case against Garlinghouse and Larsen in front of a jury. And now it’s trying to bring those claims back to life,” he argued.
The post Can the XRP Price Hit $1 When Ripple’s Stablecoin Goes Live? (ChatGPT Analyzes) appeared first on CryptoPotato.