Key Takeaways:
XRP, despite its significant price increase over the past few months, couldn’t surpass its 2018 all-time high. However, it came tantalizingly close. Following this, XRP experienced a notable pullback, much like the wider market. But, according to ChatGPT, certain elements might reignite its bull trend.
XRP’s Recent Journey:
Recently, CryptoPotato reported that things have been favoring Ripple since the US elections in November last year. The promise of regulatory changes following Trump’s victory was of particular significance due to Ripple’s ongoing legal tussle against the local securities regulator.
This legal battle has now effectively ended, a few months after the promised changes took place. XRP was even mentioned by the POTUS as a potential addition to the country’s strategic crypto reserve. Several companies have applied to launch exchange-traded funds (ETFs) that track XRP’s performance.
In another significant development, Ripple acquired a major prime broker for $1.25 billion, setting the stage for a seismic shift for Ripple and its cross-border token.
However, XRP’s most substantial gains occurred before these developments, leading to speculation of a ‘sell-the-news’ event. XRP’s value peaked at $3.4 in January this year, mirroring its seven-year-old record. Since then, it has mostly trended down, even slipping below the crucial $2 support multiple times.
Can XRP’s Bull Run Return?
While market analysts have their own predictions regarding the resurgence of XRP’s bull run, we sought the opinion of ChatGPT. The AI chatbot pointed out the potential impact of the proposed Ripple ETFs on XRP’s price as they could usher in institutional investments, similar to Bitcoin.
ChatGPT also highlighted the challenging market conditions currently. An improvement here could trigger another price spike for XRP, which outperformed most cryptocurrencies during the November-January run.
The AI suggests that growth in utility and adoption of Ripple’s cross-border payment systems, along with key partnerships, could be the next catalysts for an XRP price surge.
Whale activity plays a crucial role in a cryptocurrency’s price movement, and ChatGPT observed a recent decline in such activity in the XRP market. If these market players come back with substantial purchases, XRP could potentially skyrocket again.
Finally, the AI chatbot highlighted that XRP needs to overcome critical resistance levels at $2.5 and $3 to aim for a new all-time high. “A solid breakout from these resistance zones, backed by volume, could stimulate momentum traders and algorithms,” concluded ChatGPT.
