I quizzed ChatGPT about XRP’s price trends for 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 successful in gaining the trust of the crypto community and the wider financial community after Ripple won the case against the U.S. Securities and Exchange Commission (SEC).

Additionally, Ripple recently announced that it partnered with other payments platforms to expand its remittance capabilities, reaching customers in Africa, Gulf Cooperation Council (GCC), the United Kingdom, and Australia.

The victory in the court case and the settlement being talked about recently, coupled with the ongoing bull run, have pushed the token towards a remarkable price rally.

Since mid-October, XRP’s price has risen by more than 40%. At the time of writing, it was exchanging hands at $0.6048. Its market cap stood at $37.1 billion, making it the fifth-largest cryptocurrency.

SEC-Ripple saga: How it began

Ripple has been at loggerheads with the U.S. Securities and Exchange Commission (SEC) for years now.

It was in December 2020 that the SEC charged Ripple with raising more than $1.3 billion in 2013 by selling XRP in an unregistered security offerings to investors. Ripple, in response, argued in the court that XRP could not be treated as security.

The U.S. District Court of the Southern District of New York became the battleground for this legendary crypto-case over time.

The SEC claimed that Ripple’s platform used XRP tokens to fund itself, which facilitated money transfers for retailers. The sales of XRP tokens also enriched the platform’s management.

The SEC also relied on the SEC vs. W.J. Howey Co. case to make its case. A landmark Supreme Court case in 1946, it has become the benchmark to determine whether or not a transaction falls within the Securities Act of 1933’s definition of a

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Author: Suzuki Shillsalot

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