As a seasoned analyst with over two decades of experience in the ever-evolving world of finance and technology, I have seen my fair share of market shifts and trends. The latest development in Ripple’s plans to launch its stablecoin, RLUSD, has certainly piqued my interest.
TL;DR
- Ripple plans to launch a stablecoin, RLUSD, later this year, which could boost confidence in its technology and possibly result in a rallying XRP price.
- Another element that could impact the token’s volatility is the Ripple v. SEC case, whose official end seems to be prolonged in the future.
ChatGPT’s Estimation
This year in April, Ripple announced its intention to launch a stablecoin that would maintain a 1:1 value with the U.S. dollar. In the subsequent months, more information about this product has been shared. The stablecoin will be known as RLUSD and will be accessible on both the XRP Ledger (XRPL) and Ethereum platform.
The digital currency known as a stablecoin is anticipated to launch later in the current year. Notably, Ripple has announced Bitstamp, Bitso, Uphold, Bullish, CoinMENA, Independent Reserve, and MoonPay as participating exchanges for this project.
Inquired about ChatGPT’s thoughts on the theory suggesting that the release of RLUSD might boost XRP’s price, potentially leading to a surge towards its three-year peak of $1.
The AI-driven chatbot suggested that the advancement could enhance trust in Ripple’s technology, potentially leading to heightened curiosity and broader acceptance of its blockchain and payment services. This, consequently, might attract more investors and potentially cause an increase in the value of XRP.
At the moment, the asset is valued at approximately $0.55, according to CoinGecko’s data. To reach the displayed target, it would require a rise exceeding 80%. However, as ChatGPT indicates, such dramatic growth could be influenced by various factors beyond just the launch of RLUSD.
Some points being discussed also involve a positive outcome in the Ripple vs. SEC case and generally optimistic trends across the broader cryptocurrency sector.
The SEC Case Goes on
The legal battle, which started in December 2020, seems nowhere near its end.
Previously in the current week, the Securities and Exchange Commission (SEC) lodged an appeal regarding certain aspects of Judge Analisa Torres’ 2023 summary judgment ruling. This decision found that Ripple’s sales of its XRP token to retail investors on cryptocurrency exchanges did not breach U.S. securities laws. However, it’s important to note that the SEC has not yet addressed the question of whether or not the asset is classified as a non-security.
American attorney Jeremy Hogan commented on the issue, referring to the SEC’s recent filing as a “timid maneuver” or a “move lacking courage.
In a surprising turn of events, the SEC failed to take the case against Garlinghouse and Larsen to trial by a jury when they had the chance. Now, they are attempting to resuscitate those claims.
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2024-10-19 10:23