XRP has been in the news lately after the US Securities and Exchange Commission (SEC) filed an interlocutory brief signaling their intention to appeal the recent decision of Judge Analisa Torres.
The ruling found that XRP may not be considered a security when traded on the secondary market.
The SEC’s appeal announcement has created uncertainty among XRP investors, triggering selling pressure that has cut more than 10% of the coin’s price over the past 14 days.
However, as the crypto market slowly turns in readiness for the next bull run, can XRP overcome the current weakness? And if so, how high can it go? Well, we took it to none other than ChatGPT to get the answer.
XRP During the Next Bull Market
While no crystal ball can predict with absolute certainty what XRP will do in the next bull run, certain factors will be central to any potential price increase the coin may make.
Market sentiment is an important price driver for crypto assets. A positive outlook could lead to more interest and greater adoption, which should translate into higher market prices for XRP.
If the SEC fails in its appeal, as predicted by pro-crypto lawyer John Deaton, a ripple effect of positive sentiment around the coin can be expected, which could drive up the price. this.
The general condition of the broader crypto market also plays a part in determining the price of XRP. Most cryptocurrencies ride the wave when the bull run is market-wide. For example, many coins hit all-time highs during the last crypto bull run between mid-2020 and late 2021.
What Else Will Determine the Price of XRP?
In addition, if the bull run coincides with XRP revealing new technological developments or use cases, there is no doubt that this will reflect well on the market price.
Regulatory clarity around crypto, especially XRP, will also boost its price. Recently, former SEC official John Reed Stark hinted that a Republican victory in the upcoming US presidential election could lead to more crypto-friendly policies and greater transparency. no regulation.
Will the SEC Approve Any of the Recent Bitcoin Spot ETF Applications?
People often ask for my opinion if the SEC approves any of the recent spate of bitcoin spot ETF applications, which is an interesting and important question.
My guess is that the current SEC… pic.twitter.com/lPXebl03Y4
– John Reed Stark (@JohnReedStark) August 13, 2023
In the last bull run, XRP gained 710% in 6 months, and if history repeats itself, it is not far-fetched to imagine that it will make similar gains as long as most of the factors explained above are favorable this. Going by the current price of $0.62, a 700% increase would hypothetically put the value of XRP at around $5. Of course, none of this is certain, because there are usually too many unknown variables that affect the price of cryptocurrency, and past performance is not an indicator of future performance.
Also, none of the above should be considered any form of financial advice. Remember that the cryptocurrency market is subject to high volatility, and there is a high chance of losing your investment. Don’t risk more than you’re comfortable losing, and always do your research or consult a professional before making an investment.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% discount on Binance Futures fees first month (terms).
PrimeXBT Special Offer: Use this link to register and enter the code CRYPTOPOTATO50 to receive $7,000 on your deposits.