XRP is currently trading at approximately $0.47, while is diametrically opposed to bearish sentiment in derivatives markets, ChatGPT anticipated that the AI language model would rise to $4 if it ever breaks the long-sustained symmetrical triangle pattern.
At the opening of the week, global crypto markets were in the red, with XRP, one of the most vulnerable coins of the top ten, slumping to near a week’s low of $0.46 before stabilizing at $0.476.
Although XRP has been trading slightly downwards recently, ChatGPT predicts that it might go above $4 once it escapes from the symmetrical triangle, which has been relevant for quite some time, making giant movements after such a breakout.
XRP’s Symmetrical Triangle: Sensing an impending stock breakout
One of the key formations on the XRP chart is a symmetrical triangle beginning in early 2018, which is defined by low volatility and the formation of a horizontal trendline touched by successively lower highs and successively higher troughs.
Previous examples show that oscillations similar to those on XRP’s chart have characterized the pre-bull market in the past, including the 66,000% surge that occurred in the 2018 bull market, in which XRP went from $0.0053 to $3 in January 2018.
The long-term symmetrical triangle formation indicates that there are potential large price swings, focusing ahead of time to a year before August 2024 as it is the final stage of the formation.
ChatGPT Points to XRP Reaching $4 undefined
XRP has experienced large fluctuations in price, notably rising by 66,000% through the 2017-2018 bull run to a maximum value of $3.8.
At the moment, XRP is in the stabilization phase and has been forming a symmetrical triangle pattern; the value of $1 might likely burst to reach $4.64 based on the assumed height of the triangle height, ranging from a vertex of $0.20 ranging from $3.84.
However, ChatGPT pointed out that it is possible for XRP to rise above the $10 benchmark depending on factors that affect the market and other factors.
XRP Price Analysis: Likely Targets and Market Conditions
Still, XRP has remained resilient to fluctuating market conditions and holds steady at $0.47 this week, a 2% drop, and has a large derivatives market, meaning large bearish sentiment on its future price even though it has a $10 billion market cap, making it 7th in rank.
Considering that Open Interest rose to $595 million amid the volatility, it is apparent that bears are likely to reverse XRP lower than the $0.45 mark in the near term. They should ensure that their organizations’ debt-to-equity ratios do not drop below the 45 mark in the near term.
