TL;DR
Ripple plans to launch a stablecoin, RLUSD, later this year, which could increase confidence in the company’s technology and lead to a rise in the price of XRP. Another factor that could impact the token’s volatility is the Ripple vs. SEC lawsuit, whose formal termination looks set to be extended in the future.
ChatGPT estimation
In April of this year, Ripple announced plans to introduce a stablecoin pegged 1:1 to the US dollar. In the months that followed, the team announced further details about the product. It will be called RLUSD and will be available on the XRP Ledger (XRPL) and Ethereum.
The stablecoin is expected to go public later this year, and Ripple recently named Bitstamp, BitSo, Uphold, Blish, CoinMENA, Independent Reserve, and Moonpay as exchange partners for the initiative.
Some market observers believe that the eventual launch of RLUSD could have a positive impact on the price of XRP for a variety of reasons. We decided to ask ChatGPT if it shares that theory and whether this development could fuel a surge towards a three-year high of $1 .
The AI-powered chatbot claimed that this development could increase trust in Ripple’s technology and increase interest and adoption of the company’s blockchain and payments solutions. This could lead to more investors and an increase in the XRP price.
Currently, the asset is trading at around $0.55 (according to CoinGecko data), meaning it would need to soar more than 80% to reach the goals outlined. According to ChatGPT, such an exponential increase depends on many factors (not just the launch of RLUSD).
Some of the factors mentioned include the favorable resolution of the Ripple vs. SEC lawsuit and the overall bullish situation in the crypto market as a whole.
SEC lawsuit continues
The legal battle that began in December 2020 does not appear to be nearing an end.
Earlier this week, the SEC formally appealed part of Judge Annalisa Torres’ 2023 summary judgment ruling that Ripple’s sale of XRP tokens to retail investors on cryptocurrency exchanges did not violate U.S. securities laws. did. On the other hand, the regulator did not dispute the assets’ non-securities status.
Jeremy Hogan, an American lawyer who spoke on the matter, described the SEC’s filing as a “chicken move.”
“When the SEC had the opportunity to actually try the case against Mr. Garlinghouse and Mr. Larsen in front of a jury, it completely came to terms, and now it is trying to revive those claims,” he said. insisted.
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