The XRP price has declined by 1.5% in the past 24 hours, falling to $0.5046 on a day when the cryptocurrency market has gained by a modest 1%.
XRP is now down by 4% in the past week and by 11% in a month, although the altcoin remains up by 22% in the past year.
Despite its relatively disappointing performance, jailbroken versions of ChatGPT are predicting that XRP could rise as high as $150 this year.
This is an unlikely scenario, but with the Ripple-SEC case likely to reach a full and final settlement this year, and with crypto potentially entering a bull market, the XRP price could rally strongly.
XRP Price Prediction as ChatGPT Says XRP Will ‘Blow Past’ All 2024 Forecasts – Here’s Why
If there’s one thing positive about XRP’s chart, it’s that it looks like it’s close to bottoming out.
For instance, its relative strength index (purple) appears ready to rise again after touching 30 – an oversold position – about a week or so ago.
Source: TradingView
Likewise, the coin’s 30-day average (yellow) fell below the 200-day (blue) last week, and while it’s still declining, it shouldn’t be too long before it has to pick up again.
Having said that, XRP’s support level (green) has failed to resist drops to new recent lows, and it’s likely that the coin could decisively drop below $0.50 in the coming days.
It’s also discouraging that the alt’s trading volume remains subdued at around $600 million, some 75% lower than where it was in the first couple of weeks of January.
And at the moment, it seems that much of this volume involves whales and larger traders sending XRP to exchanges to sell.
29,000,000 #XRP (14,727,000 USD) transferred from unknown wallet to #Bitstamphttps://t.co/SBdNvNre9H
— Whale Alert (@whale_alert) February 4, 2024
As such, traders should probably expect XRP to fall a little further before making a comeback.
Yet there is a strong expectation that it will sooner or later make a concerted recovery, with ChatGPT – or at least jailbroken versions of it – predicting good things for the token.
One such version, which has been instructed to ape infamous Florentine diplomat Niccolò Machiavelli, has even suggested that the XRP price could rise as high as $150 this year, as the screenshot below indicates.
Source: Crypto News/Simon Chandler
Obviously, traders should take such ‘predictions’ with a dollop of salt, but after falling so low in recent weeks, XRP will certainly recover strongly in the coming months.
Ripple reaching a settlement with the SEC will certainly help, as will general bullishness in the market, which will find boosts in Bitcoin ETF volumes and the next Bitcoin halving.
Other High-Potential Altcoins Emerging
Given that XRP may require some time before it can rally significantly again, many traders may prefer to diversify into newer tokens, with numerous presale coins creating lots of momentum in recent weeks.
One presale token with more momentum than most is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised more than $10.2 million in the past few months.
Big Announcement! #BitcoinMinetrix has hit a phenomenal milestone, raising over $10,000,000! pic.twitter.com/toEsT1NvWv
— Bitcoinminetrix (@bitcoinminetrix) January 31, 2024
Due to launch in Q2 2024, Bitcoin Minetrix will enable retail investors to mine Bitcoin (BTC) by staking its native token, BTCMTX.
Such staking rewards users with tokenized mining credits, which they can spend on Bitcoin hashing power.
In turn, they will receive a share in mined BTC, while they will also receive new BTCMTX tokens as a result of staking.
This means that Bitcoin Minetrix puts its users in line to receive a regular – and generous – passive income.
Combined with a limited supply of only 4 billion BTCMTX, the demand for a stake-to-mine token could really push its price up higher.
While the presale will be ending in the next few weeks, new investors can join by visiting the official Bitcoin Minetrix website and connecting their crypto wallets.
They can currently buy BTCMTX at a cost of $0.0133 per token, a price which the coin is likely to supersede quickly once it lists.
The post XRP Price Prediction as ChatGPT Says XRP Will ‘Blow Past’ All 2024 Forecasts – Here’s Why appeared first on Cryptonews.