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What are XRP’s chances to remain above $2.00 in the following week?
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Summarize with AI
Summarize with AI
The crypto market has resumed its modest correction, losing around $150 billion since the mid-week peak of almost $3.3 trillion. Ripple’s native token has not been spared, even though the spot XRP ETFs have been on an impressive streak ever since the first one hit the US markets in mid-November.
Nevertheless, it continues to struggle and dipped to $2.00 yesterday, a crucial support level that has held up its decline for the past few weeks. With the overall momentum still slightly bearish, we asked ChatGPT for its perspective on the week ahead and whether XRP can stage a notable recovery or the $2.00 support will finally give way.
The Warning Signs
After outlining the significance of the $2.00 support as well, ChatGPT noted that a drop below that level could lead to a subsequent retreat to the next major line of defense at $1.90. Such a move is possible due to declining trading volume and recent behavior by whales.
Recall that these large market participants began a substantial sell-off in October, which has only intensified since then. More recently, they offloaded 150,000,000 XRP in the span of just two days earlier this week, as reported by CryptoPotato.
ChatGPT also mentioned the BTC dominance, which could spell trouble for larger-cap altcoins if it continues to increase. The metric had dipped below 56% (on CoinGecko) a few months back, but holds strong above 57% as of press time.
The Bull Case
In contrast, OpenAI’s solution said technical momentum indicators, such as the RSI and MACD, show that XRP has entered “short-term oversold conditions, which often precede a corrective bounce.” Nevertheless, it admitted that the overall structure remains fragile, and this could be another repeat of the mid-week pump to $2.20 and the subsequent correction to just over $2.00.
However, ChatGPT said XRP’s sentiment could turn bullish if the ETF inflows return to the heights from the first few weeks after their launch. Although they are still in the green, the demand for the financial vehicles has slowed, as evidenced by the declining inflows in the past five days.
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XRP ETF Inflows Dec 6. Source: SoSoValueAdditionally, XRP could benefit from a market-wide relief rally in the following week, but it will most likely remain sideways between $1.98 and $2.12, said ChatGPT. In its bull case, the AI platform outlined $2.25 as the upper boundary for a surge, but admitted that this would require a strong bounce from $2.00 aligned with sizeable inflows into the ETFs.
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Source: https://cryptopotato.com/ripple-price-struggles-at-2-ai-with-worrying-xrp-predictions-for-week-ahead/
