ChatGPT Predicts XRP To Hit $4, If It Breaks Out Symmetrical Triangle Pattern
The post ChatGPT Predicts XRP To Hit $4, If It Breaks Out Symmetrical Triangle Pattern appeared first on Coinpedia Fintech News
As the global crypto markets started the week poorly, with XRP being one of the worst-performing coins in the top 10. It fell to a two-week low of $0.46 before stabilizing near $0.476.
Despite this recent dip, ChatGPT predicts that XRP could rise above $4 if it breaks out of the symmetrical triangle pattern its been in since 2018. This prediction is based on historical trends where such breakouts led to substantial price increases.
Symmetrical Triangle Poised For Breakout
A key feature on the XRP chart is the symmetrical triangle pattern that started in early 2018. This pattern, formed by converging lines from lower highs and higher lows, shows decreasing volatility and price consolidation.
Looking at history, similar patterns have led to significant price increases. For example, in February 2018, a symmetrical triangle on XRPs chart led to a massive 66,000% surge during the 2018 bull run, with XRPs price jumping from $0.0053 to $3 in January 2018.
The current long-term symmetrical triangle could suggest a similar potential for big price movements. However, the period between May 15th and August 2024 is crucial, as the end of this symmetrical triangle during this time.
ChatGPT Predict XRP To Hit $4.64
XRP has a history of big price moves, especially during the 2017-2018 bull market when it surged by a massive 66,000%, peaking at $3.8.
Right now, XRP is in a phase where its price is stabilizing, forming a symmetrical triangle pattern. ChatGPT looked at this pattern and suggested that if XRP breaks out around $1, it could aim for $4.64. This estimate is based on the triangles height, which goes from a low of $0.20 to a high of $3.84, showing potential for significant gains.
While this target is just an estimate, ChatGPT noted that XRPs price could even go above $10, depending on how the market behaves and other factors influencing it.
XRP Price Analysis
As of now, XRPs price held steady at around $0.47 this week, with losses limited to just 2% despite volatile market conditions. XRP, with a market cap of $10 billion, is currently standing in the seventh position. Although demand for XRP in spot markets may not be strong currently, recent movements in derivatives markets show significant bearish bets betting on XRPs price to drop further.
Moreover, with Open Interest surging to $595 million during this volatile period, theres a growing possibility that bears could drive XRPs price back down toward the $0.45 level in the coming days.
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
