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XRP We asked ChatGPT: Is the bottom finally here after XRP fell below US$1?
After months of hovering around the psychological support level of US$1.00, Ripple XRP has finally fallen below this level several times in the past week, which is in line with the expectations of many analysts that "the position needs to be broken before a significant rebound." However, some of the same analysts have expressed controversial views on where the bottom of the token is. To that end, we decided to ask ChatGPT what it thought about this and whether it believed XRP had hit a macro bottom.
Has the bottom reached?
From a more macro perspective, prices fell to a 21-month low (just under $1.00), suggesting that market structure is deteriorating rapidly-meaning XRP has plunged 70% since hitting an all-time high 13 months ago. On the positive side, the token successfully rebounded and is still competing for this psychological support level, and has not yet completely lost.
ChatGPT's answer is not as straightforward and hopeful as bulls might expect. It points out that due to multiple factors, the bottom is likely to have been formed or is just a short distance away. The first is the magnitude and duration of the adjustment. The cross-border token has been falling for nearly a year, forming a series of lower highs and lower lows. All attempts to rebound were interrupted halfway, and almost every month ended in a closing down, with few exceptions.
There are also some encouraging signs. In the past three months, the number of wallets holding at least 1 million XRPs has increased by 32. In terms of network activity, the number of XRP active addresses jumped from less than 24,000 to more than 43,500 in about a month.
It's still too early
Despite the above positive signals, ChatGPT is still cautious about confirming the bottom, believing that another wave of decline is possible. For example, the active trading ratio of Binanshang XRP recently hit a multi-month low of 0.86, indicating that there are more aggressive sellers than buyers on the world's largest exchange. Rising futures holdings also increase the risk that further declines could trigger a chain reaction of liquidation. Finally, the popular AI model points out that other analysts observe the next important area of XRP in the range of $0.94 -0.95. A break below this level could lead to more serious losses and fall to $0.80 -0.85.
Therefore, ChatGPT concluded that a bottom "may" have been formed. However, there is no confirmation signal at this time, although there are "reasonable" reasons to believe that a correction below US$1 has formed or is very close to a partial capitulation bottom.
