The post Is XRP ATH Possible Following the Latest Ripple v SEC Development? (ChatGPT’s Analysis) appeared on BitcoinEthereumNews.com.

TL;DR Ripple was fined $125 million, far less than the $2 billion the SEC initially sought, leading to a 20% spike in XRP’s price. The token’s future rally depends on factors like market conditions and legal developments, with possible further gains influenced by Bitcoin’s performance. Is XRP Setting the Stage for a New Peak? The lawsuit between Ripple and the US Securities and Exchange Commission (SEC) witnessed a major development earlier this week when Judge Analisa Torres ruled that the company must pay a $125 million fine for violating certain securities laws.  The sum is just a fraction of the whopping $2 billion the regulator initially demanded, making numerous industry participants view the decision as a ground-breaking triumph for Ripple.  The price of its native token – XRP – reacted more than positively, spiking by 20% immediately after the news broke. At one point, it neared $0.64, while currently, it trades at around $0.58 (per CoinGecko’s data). We decided to ask ChatGPT whether the post-settlement momentum could result in a all-time high (ATH) for XRP before the end of 2024. The popular AI-powered chatbot noted that the court ruling provided a significant boost to the token’s price and market sentiment but estimated that a bull run would depend on the case’s official end. As CryptoPotato reported, the legal battle might drag on a bit longer due to possible appeals from both sides. Ripple’s plea is highly unlikely considering the CEO’s statement, who described the ruling as “a victory” and said his entity would abide by the rules.  The watchdog seems more likely to appeal. Nonetheless, multiple X users assumed that such a move would not be wise given the upcoming presidential elections in the United States. “If the SEC would decide to appeal the Ripple case, they would have to appeal…

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Filed under: News - @ August 10, 2024 2:08 pm