TL;DR
- ChatGPT is optimistic that XRP’s price could rise significantly if Ripple wins its lawsuit against the SEC.
- The legal battle continues with discussions on the potential fines the company might face, impacting the timeline and outcome of the case.
What are XRP’s Chances?
Ripple’s XRP has seen better days since its price dipped substantially in the past few days. However, bulls rely on certain essential factors that could positively impact the asset’s market performance. One example is a resolution of the lengthy legal battle between Ripple and the US Securities and Exchange Commission (SEC).
The lawsuit has been ongoing for over three and a half years. While it is currently in its trial phase, industry participants might wait longer for a final outcome due to the complexity of the legal process and possible appeals from both parties.
Earlier this week, American attorney Fred Rispoli predicted that the case could be resolved at the end of July after a penalty of no more than $25 million for Ripple and $0 disgorgement. As such, we decided to ask ChatGPT if XRP’s price can hit the $1 milestone if that prediction comes true.
The popular AI-powered chatbot estimated that the lawsuit’s outcome could boost the asset’s valuation to that level and even beyond, but only if the magistrates’ decision is in favor of Ripple.
“Historically, XRP has experienced price surges following favorable court rulings. For instance, when Judge Analisa Torres ruled that Ripple’s sales of XRP to retail buyers did not constitute securities sales, the price of XRP spiked by over 80%,” ChatGPT reminded.
On the other hand, the chatbot casted doubts that the lawsuit will be over in the following weeks, claiming such a regulatory development might be prolonged in time.
What’s New on the Ripple v SEC Front
One major issue surrounding the legal confrontation is the size of Ripple’s potential fine. The SEC initially sought a staggering $2 billion fine on the company, while the firm claimed the amount should not exceed $10 million. The agency later softened its tone, lowering the required sum to $102.6 million.
Most recently, Ripple filed a Notice of Supplemental Authority regarding a recent decision related to crypto exchange Binance. Last week, Judge Amy Jackson dismissed the Commission’s claims that secondary market sales of Binance’s BNB token constituted securities transactions.
Ripple intended to use that decision in its favor, with its legal counsel Michael Kellogg arguing that the alleged illegal sales of XRP do not warrant “harsh remedies,” as the SEC insists.
Somewhat expectedly, the watchdog disagreed, describing the ruling in the Binance case as “wholly irrelevant” to the one involving Ripple.
