The cryptocurrency market was hit by another substantial price correction in the past few days, with BTC ($95,341.00) dumping to a six-month low, while many altcoins followed suit.

Ripple’s native cross-border token was no exception, but to a less painful degree. Although it’s also in the red weekly, its losses were actually more modest, perhaps driven by the hype around the recently launched spot XRP ($2.21) ETF in the US by Canary Capital. The focus now goes to the upcoming week, and what can we expect after another market-wide wipeout?

XRPUSD. Source: TradingView

What’s Next for XRP?

The first couple of weeks of November have been quite eventful and mostly violent for XRP. The asset peaked at just over $2.55 on a few occasions, with the latest such example on November 11. However, it quickly lost its momentum and dropped below $2.20 on Friday during the overall crash.

Its recovery attempt was stopped at $2.30, and we decided to ask ChatGPT about its outlook on what’s to follow. It also highlighted the impressive launch of the first spot XRP ETF with 100% exposure to the asset, and noted that such product releases are typically classic sell-the-news events.

As such, it wasn’t surprising that the underlying asset dropped after XRPC hit the US markets. Nevertheless, it believes the ETF is fundamentally bullish for Ripple’s token and could help stabilize its price by setting a short-term floor at around $2.10-$2.20 if it gathers solid AUM in the first few trading sessions.

From a technical standpoint, the AI solution noted that XRP’s first major resistance lies at $2.35-$2.40. If broken, the next one is at $2.50, followed by $2.70-$2.80 before a potential surge to the psychological $3.00 level. In contrast, if the aforementioned floor at $2.20 gives in, XRP can rely on $2.00 to halt its downfall.

Bear vs Bull Case

OpenAI’s product outlined some more precise predictions for the next seven days, including a bull case, which will see XRP peak at $2.70 but no higher in case the overall market conditions improve. In contrast, the bear scenario envisions the asset dumping to as low as $1.90.

However, both of those options are less likely, ChatGPT explained, and noted that the base case for XRP is to remain within a consolidation state between $2.15 and $2.45.

“Overall, the next week could serve as an early test of real investor demand for the new ETF. While it may not instantly trigger a sharp recovery, consistent inflows and a steadier macro backdrop could help XRP consolidate above $2.20 and set up for a gradual rebound heading into mid-November,” it concluded.

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