We Asked ChatGPT Will There be a Ripple (XRP) Bull Market Next Year? – CryptoPotato
Regulatory clarity, banking collaborations, and global macroeconomic factors could be fundamental elements for XRP’s future price.
TL;DR
The popular AI-powered language model ChatGPT could not directly answer the question of whether the Ripple community will witness a price surge of XRP in 2024. However, it pinpointed several factors that could play a role in such a development.
Regulatory clarity is mentioned as the most fundamental. Ripple’s legal battle against the United States Securities and Exchange Commission (SEC) is expected to reach a conclusion next spring as the trial date is set for April 23, 2024.
Previously, the blockchain enterprise secured two landmark court victories, following which XRP’s price spiked significantly.
Announcements of new banking partnerships or adoption by financial institutions come in the second position. It is worth mentioning that the British bank HSBC and the American behemoth Chase Bank recently allowed eligible clients to conduct certain payments in XRP instead of fiat. However, those moves had little-to-no effect on the coin’s valuation.
Overall crypto market trends, technological advancements, supply and demand, speculation, and others complete the list of elements. One factor worth paying particular attention to is the global macroeconomic environment.
It is safe to assume that a potential recession or any kind of financial crisis could have a negative effect on the entire cryptocurrency sector. On the other hand, positive news surrounding geopolitical conflicts or the Fed’s probable decision to halt its anti-inflationary policy could be welcomed by bulls.
Besides speculating on the future price of the coin, it is important to observe its current condition. The latest Ripple win against its big enemy – the US SEC – has turned the asset into the top trending one in the entire crypto realm.
XRP gathered huge attention and was among the best performers after Ripple’s first landmark victory in July, too. Back then, trades involving the token comprised 21% of the total cryptocurrency trading volume, while BTC was second with 20%.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.
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