XRP has been in the news lately after the US Securities and Exchange Commission (SEC) filed an interlocutory brief signaling its intention to appeal a recent ruling by Judge Analisa Torres.
The ruling found that XRP may not be considered a security when sold on the secondary market.
The SEC’s notice of appeal has created uncertainty among XRP investors, triggering a selling pressure that has shaved more than 10% off the coin’s price in the last 14 days.
However, as the crypto market slowly reshapes in readiness for the next bull run, can XRP overcome its current lethargy? And if it can, how high can it go? Well, we took it to no other than ChatGPT to get the answer.
XRP During the Next Bull Market
While no crystal ball can predict with absolute certainty how XRP will do in the next bull run, certain factors will be central to any potential price rise the coin may make.
Market sentiment is an important price driver for crypto assets. A positive outlook may lead to increased interest and greater adoption, which should translate into higher prices in the market for XRP.
If the SEC were to fail in its appeal, as the pro-crypto lawyer John Deaton has so bullishly predicted, one could expect a ripple effect of positive sentiment around the coin, which could boost its price significantly.
The overall condition of the broader crypto market will also play a part in determining the price of XRP. Most cryptocurrencies will ride the wave if the bull run is marketwide. For instance, many coins hit all-time highs during the last crypto bull run between mid-2020 and late 2021.
What Else Will Determine the XRP Price?
Furthermore, if the bull run coincided with XRP unveiling new technological advances or use cases, there’s little doubt it will reflect handsomely in its market price.
Regulatory clarity around crypto, particularly XRP, would also significantly boost its price. Recently, former SEC official John Reed Stark insinuated that a Republican victory in the forthcoming US presidential elections could lead to more crypto-friendly policies and greater regulatory clarity.
Will the SEC Approve Any Of The Recent Bitcoin Spot ETF Applications?
People often ask for my opinion on whether the SEC will approve any of the recent spate of bitcoin spot ETF applications, which is an interesting and important question.
My take is that the current SEC will… pic.twitter.com/lPXebl03Y4
— John Reed Stark (@JohnReedStark) August 13, 2023
In the last bull run, XRP gained as much as 710% in 6 months, and if history repeats itself, it is not farfetched to imagine it could make similar gains as long as most of the factors explained above are in its favor. Going by its current price of $0.62, a 700% rise would hypothetically place XRP’s value at nearly $5. Of course, none of this is certain, as there are usually too many unknown variables that can affect a cryptocurrency’s price, and past performance is not an indicator of future performance.
Also, none of the above is to be construed as any form of financial advice. Remember that the cryptocurrency market is subjected to high volatility, and there’s a high chance of losing your investment. Never risk more than you’re comfortable losing, and always do your research or consult a professional before making an investment.
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