For the last two years, Ripple and the Securities and Exchange Commission [SEC] have been engaged in a legal dispute. During this period, XRP faced uncertainty as it was considered a ‘security,’ which hindered its growth. After Ripple’s partial victory against the SEC, the asset witnessed an upward trend. However, Google Bard suggested that there may be even greater potential in store for XRP.
Bard, Google’s AI chatbot termed the recent court ruling in the SEC-Ripple lawsuit as a positive development for XRP. It even anticipates a significant price increase in the near future. The AI tool further presented several analyst viewpoints on the crypto token’s future price. Certain predictions indicate a potential average price of $1.30 by the end of 2023, implying a possible surge of over 80%.
At press time, XRP was being traded at $0.7154, showing a daily increase of 2.38%. Over the past 30 days, the asset experienced a notable surge of 48%. However, in the last week, XRP faced a decline of 11%. As seen in the above chart, XRP was currently harboring more sellers than buyers in its market. Considering these factors, some analysts have proposed that XRP’s price could hover between $0.47 and $0.71 by the end of the year.
Furthermore, the 24-hour long/short ratio of XRP indicated a bearish sentiment among the community or the asset’s investors. The proportion of short positions exceeded that of long positions.
Bard further added,
“Ultimately, the price of XRP will depend on a number of factors, and it is impossible to say for sure what it will be at any given time.”
These ‘factors’ encompass the overall performance of the cryptocurrency market, the future progress of the Ripple ecosystem, and the ultimate resolution of the SEC lawsuit.
Also Read: Ripple XRP Surges 30% as Judge Declares a Non-Security
Ripple’s battle is not quite over
The key outcome of the case was the determination that XRP is not classified as a security. Several activities, including sales on exchanges, sales by employees, and distributions to developers and charities, were not subject to scrutiny. This conclusion led Ripple’s chief legal officer, Stuart Alderoty, to suggest that only Bitcoin [BTC] and XRP have “explicit regulatory clarity.”
However, the judge ruled that institutional sales of the tokens did violate federal securities laws. Nonetheless, this decision will be subject to further dispute during subsequent court proceedings. Elaborating on the same, Bard stated,
“The SEC lawsuit against Ripple is still ongoing, and the outcome could have a significant impact on the price of XRP. If Ripple wins the lawsuit, it could be a major victory for the cryptocurrency industry and could lead to a surge in demand for XRP. However, if Ripple loses the lawsuit, it could have a negative impact on the price of XRP.”
Also Read: Ripple’s Chief Legal Officer is Preparing for an SEC Appeal
