After several months of flirting with the psychological support level at $1.00, Ripple\u2019s XRP finally dipped below it on a couple of occasions in the past week, which aligned with many analysts\u2019 expectations for such a move before a major rebound.<\/p>\n
However, some of the same analysts have been publishing controversial opinions on where the token\u2019s bottom lies. Consequently, we decided to ask ChatGPT about its take on the matter and whether it believes XRP has finally reached a macro bottom.<\/p>\n
Zooming out, the decline to a 21-month low of just under $1.00 points to a rapidly deteriorating market structure, meaning that XRP has plunged by 70% since its all-time high, which was marked 13 months ago. The positive side is that the token managed to rebound and continues to fight for this psychological support, and has yet to give it up entirely.<\/p>\n
ChatGPT\u2019s answer was not as straightforward and hopeful as the bulls might have liked. It noted that there\u2019s a big possibility the bottom could be in or just inches away due to several factors. The first is simply the magnitude and duration of the correction.<\/p>\n
The cross-border token has been freefalling for almost a year, producing a succession of lower highs and lower lows. All of its recovery attempts have been halted in its track, and it continues to close in the red<\/a> monthly, with almost no exceptions.<\/p>\n There are some encouraging signs as well. As reported<\/a> recently, the number of wallets holding at least a million XRP has increased by 32 over the past three months. Network usage, such as the number of active XRP addresses, jumped<\/a> from under 24,000 to more than 43,500 within a month or so.<\/p>\n Despite all of the above, ChatGPT remains cautious about concluding that the bottom is in, as it sees another plausible leg down. For instance, XRP\u2019s Taker Buy\/Sell Ratio on Binance recently hit<\/a> a multi-month low of 0.86, showing that there are more aggressive sellers than buyers on the world\u2019s largest exchange.<\/p>\n Rising futures positioning also increases the danger of another move south that can trigger a liquidation cascade. Lastly, the popular AI model outlined other analysts\u2019 observations that the next important area for XRP lies at $0.94-$0.95. A break below that could lead to more profound losses and a dump to $0.80-$0.85.<\/p>\n As such, ChatGPT\u2019s conclusion is that the bottom is \u2018possibly\u2019 in. However, there\u2019s no confirmation yet, even though there is a \u2018reasonable\u2019 case that the sub-$1.00 dip marked, or came very close to, a local capitulation bottom.<\/p>\n The post We Asked ChatGPT: Is XRP\u2019s Bottom Finally In After the Crash Below $1?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" After several months of flirting with the psychological support level at $1.00, Ripple\u2019s XRP finally dipped below it on a couple of occasions in the past week, which aligned with many analysts\u2019 expectations for such a move before a major rebound. However, some of the same analysts have been publishing controversial opinions on where the […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-213741","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/213741"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=213741"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/213741\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=213741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=213741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=213741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Still Premature<\/h2>\n