Ripple’s XRP cryptocurrency has seen a surge in trading volume in the fourth quarter of 2023, attributed to increased payments due to Inscription-related activities. However, despite this growth, the number of active daily addresses has fallen by 31%. Despite the decline in active addresses, recent price and chart movements suggest that XRP may continue to rise.
In recent legal developments, the Securities and Exchange Commission (SEC) admitted to making misleading representations in a fraud lawsuit against Debt Box and decided to drop the case. The SEC has faced criticism from federal courts, with one judge referring to SEC lawyers as hypocrites in the Ripple action. Additionally, an Appellate Court in the Grayscale case deemed the SEC’s refusal of a spot Bitcoin ETF as unreasonable and unfair. The SEC and its lawyers have faced further backlash from Coinbase CLO, Paul Grewal, for withdrawing a complaint after causing harm to firms and seeking dismissal without prejudice.
It is important to understand the relationship between Ripple and XRP. Ripple Labs is a centralized fintech company that aims to create a faster and more secure way of conducting global transactions. XRP, on the other hand, is the open-source digital asset used by Ripple for transactions on its network. XRP operates on the XRP Ledger (XRPL) and serves as a settlement layer for Ripple transactions. The cryptocurrency has a maximum token supply of 100 billion and is available for trading on various exchanges.
In 2020, the SEC filed a lawsuit against Ripple Labs, accusing them of selling XRP as an unlicensed security. The main point of contention was whether XRP should be classified as a security or a cryptocurrency like Bitcoin. After three years of deliberation, the court ruled that XRP was not a security. The SEC was denied an interlocutory appeal and had to drop its securities violation charges against Ripple and XRP. The SEC now has authority over cryptocurrency sales to institutions, but crypto-transactions on exchanges are not treated as securities transactions.
While the AI language model, ChatGPT, doesn’t have access to the latest information and cannot make predictions, it suggests that XRP could see short-term momentum and positive developments following the favorable court ruling. When asked about the future price of XRP, the AI made a bold claim that it could reach $10 per token, but stressed that these predictions are speculative and actual prices may vary significantly. Furthermore, the AI confidently stated that XRP will surpass its all-time high in 2024 and reach unprecedented heights.
Currently, XRP is trading at $0.5272, showing a 2.72% increase in its price over the past week. The price is nearing the upper limit of its trading range, suggesting a possible bullish momentum. The Awesome Oscillator (AO) and On Balance Volume (OBV) indicate a potential pullback and bullish sentiment for XRP.
While these predictions and market analysis can be informative, it’s important for investors to exercise their own discretion and stay updated on other developments and potential regulatory changes that may impact XRP’s price.
Please note that this article is for informational purposes only and does not constitute financial or investment advice.
