Ripple’s stablecoin, RLUSD, has the potential to give XRP’s price a major boost if it launches soon. However, its approval by the New York State Department of Financial Services (NYDFS) is still up in the air.

XRP, Ripple’s native token, has been stealing the spotlight recently. Its price has surged significantly, outperforming many other cryptocurrencies. On November 29, it hit a three-year high of $1.67. Some analysts believe this bullish momentum could push XRP to a new all-time high by Christmas.

Curious about this possibility, we turned to ChatGPT for insights. The AI chatbot said while it’s not impossible, it’s unlikely to happen. For XRP to break its 2018 record of $3.84, several key factors need to align.

One major factor is the upcoming change in leadership at the U.S. Securities and Exchange Commission (SEC). Current Chairman Gary Gensler has announced he’ll step down on January 20, 2025. This news has fueled hopes that his successor might be more supportive of cryptocurrency innovation and less inclined to engage in legal battles with crypto firms. The SEC has a history of lawsuits against companies in the crypto space, including Ripple, whose legal fight with the agency has dragged on for nearly four years.

According to ChatGPT, XRP might see a price surge once Gensler leaves office, though it’s unlikely this will happen before Christmas.

Another important factor is the overall market sentiment. If the entire cryptocurrency market continues to perform well, it could help drive XRP’s price higher. Despite a recent market correction, things still look optimistic. Bitcoin (BTC) is trading above $95,000, and Ethereum (ETH) has climbed to nearly $3,700—a six-month high.

Additionally, XRP’s historical price behavior suggests it’s capable of significant gains in short periods. In the past, the asset has seen double-digit and even triple-digit growth during bullish cycles.

One more thing that could boost XRP’s price soon is Ripple’s stablecoin project, RLUSD. Recent chatter on social media suggests that most of the tokens for RLUSD have been burned, hinting that the stablecoin might be ready for launch. If true, this development could inject fresh energy into XRP’s price momentum.

In summary, while XRP has made impressive gains recently and shows promise for more growth, its path to a new all-time high depends on several factors: changes in SEC leadership, strong market conditions, and the potential launch of Ripple’s stablecoin RLUSD. Keep an eye on these developments as they unfold!