ChatGPT thinks XRP will ‘blow past’ its ATH to hit $10 in 2024

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

XRP has been in the middle of multiple speculations in the crypto-ecosystem. While the crypto came out partially victorious in the court case with the SEC, the price of the crypto too saw significant appreciation thereafter.

XRP was trading at $0.62 at the time of writing, with a market cap of $33.51 billion on the charts. How high can it really go though? Will 2024 push the crypto to unforeseen levels on the chart? What does an AI bot like ChatGPT have to say about that?

In this article, we take a look at the crypto, its clash with the Securities and Exchange Commission, its price action, and ChatGPT’s predictions about XRP.

Ripple Labs and XRP – What’s the relationship?

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.

Battling the SEC

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

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Author: Anjali Sriniwasan

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