It was difficult to imagine in mid-May how much the cryptocurrency landscape could change for the worse in such a painful manner in the following three weeks. Aside from BTC, which dumped beneath $60,000 for the first time since November 2024, and ETH plummeting to a 14-month low, XRP also slipped below crucial support levels and marked a 19-month low of under $1.10 on Friday.
The question now is whether this last defense above the crucial psychological level at $1.00 will hold, or if the cross-border token is headed toward an inevitable crash into the cents territory.
What Happens When Bears Take Complete Control?
The popular AI solution’s new version noted that the most realistic first bearish target sits at $0.90 if XRP dumps below $1.00 soon, which appears more and more likely given the current market conditions. Just for reference, BTC broke down below $60,000 earlier today, reaching its lowest price tag since before the US elections in late 2024.
XRP also dumped to its lowest level since those eventful days in November 2024, as it currently sits below $1.10. After breaking below its last major support level, $1.00 is now in focus; another leg down could test it soon.
XRPUSD June 5. Source: TradingView
If the token indeed dips to $0.90, this would represent another 18%-20% decline and likely coincide with continued weakness across the market, ChatGPT added.
However, it outlined even lower targets if the bulls fall out completely, with the even more bearish option seeing the asset dumping to $0.75-$0.80.
The capitulation scenario envisions another drop to $0.60, but this remains a “low-probability outcome.”
“For XRP to collapse that far, investors would likely need to face a combination of macroeconomic turmoil, a broader crypto bear market, and the disappearance of key bullish narratives such as ETF optimism and institutional adoption,” the AI platform noted.
A Violent Rebound?
ChatGPT also offered a different viewpoint, which shows that XRP could be “approaching the point where conditions become favorable for a relief rally.” Basing its projection on some historical developments, especially for previous Junes during US midterm election years, it explained that “pessimism often preceded major recoveries.”
Consequently, it outlined a possible and quick rebound to $1.25 and even $1.40 if buyers successfully defend the $1.05-$1.10 support region, which is to be seen in the next days or even hours.
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