The anticipated resolution of the prolonged legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has been at the forefront of crypto news for some time now. With the upcoming Trump administration set to appoint a pro-crypto SEC Chair, there are many reasons to believe the legal battle will end soon.
With this development and other factors surrounding XRP, the community is bullish. The digital asset has also met expectations, reaching a peak of $1.62 for the first time in three years. To see if it can maintain this bullish momentum, we consulted ChatGPT to see how high XRP can climb by December 1.
ChatGPT Predicts XRP Surge Before December
According to ChatGPT, XRP has the potential to reach $2 by December 1, 2024. This forecast represents an impressive 35.1% increase from its current price of $1.48. Several factors could contribute to this surge, including improving sentiment in the broader cryptocurrency market, pivotal regulatory developments, and the possibility of technical breakouts on XRP’s price chart.
One of the primary drivers behind XRP’s recent momentum is its legal standing. SEC Chair Gary Gensler has announced that he will step down in January 2024. This has created optimism for pro-crypto regulatory changes.
Insiders expect the Trump administration to appoint a new SEC Chair with a more innovation-friendly stance, leading to the dismissal of lawsuits against Ripple, and other companies and cryptocurrencies. Resolving the ongoing legal challenges would encourage institutional and retail participation, aiding the price uptrend further.
The broader cryptocurrency market has also seen renewed enthusiasm following Donald Trump’s electoral victory, with Bitcoin hitting an all-time high of $99,655. XRP has benefitted from this bullish sentiment. If the overall market trend continues, XRP could ride the wave of investor optimism.
Crucial Levels for an XRP Rally
Peter Brandt, a well-known trader, highlighted the importance of XRP surpassing its 2021 peak of $1.96. He believes this milestone could trigger a significant rally, further strengthening the case for ChatGPT’s prediction. Breaking such a crucial resistance level would signal strong buying momentum and open the door for further gains.
ChatGPT’s prediction would see the digital asset overcome this level, setting the stage for a massive rally potentially targeting its all-time high of $3.84. With just a few days left, it will be intriguing to see if XRP can meet ChatGPT’s expectations.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
