The AI-powered chatbot claimed the development might boost confidence in Ripple's technology, driving increased interest and adoption of its blockchain and payment solutions.

Ripple’s stablecoin might boost XRP to 3-year highs – ChatGPT

KEY POINTS

April saw Ripple announce its plans to introduce a stablecoin pegged 1:1 to the US dollar.

Over the following months, the XRP team revealed more details about the product. It will be called RLUSD and will be available on both the XRP Ledger (XRPL) and Ethereum.

The stablecoin is set to go live later this year, and recently, Ripple named Bitstamp, Bitso, Uphold, Bullish, CoinMENA, Independent Reserve, and MoonPay as exchange partners for the initiative.

Some market observers believe that the eventual launch of RLUSD could positively impact the price of XRP for several reasons. We decided to ask ChatGPT whether it shares that thesis and whether the development could fuel a spike toward a three-year high of $1.

Here’s what the AI-powered chatbot had to say on the matter:

“The launch of RLUSD might increase confidence in Ripple’s technology, leading to greater interest and adoption of its blockchain and payment solutions. This could, in turn, attract more investors and drive up the price of XRP.”

Currently, the asset is trading at around $0.55 (according to CoinGecko), meaning it would need to skyrocket by over 80% to hit the depicted target. According to ChatGPT, such an exponential increase will hinge on several factors (not just the launch of RLUSD).

Some of the mentioned elements include a favorable resolution of the Ripple v. SEC lawsuit and overall bullish conditions in the entire cryptocurrency market.

The SEC Case Goes on

The legal battle, which began in December 2020, appears to be far from over.

Earlier this week, the SEC officially appealed parts of Judge Analisa Torres’ 2023 summary judgment, which ruled that Ripple’s sales of its XRP token to retail investors on crypto exchanges did not violate US securities laws. However, the regulator did not contest the asset's status as a non-security.

American attorney Jeremy Hogan commented on the matter, describing the SEC’s latest filing as “a chicken move.”

“The SEC completely folded when it had the opportunity to actually try the case against Garlinghouse and Larsen in front of a jury. And now it’s trying to bring those claims back to life,” he argued.

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