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Artificial Intelligence (AI) hype originating from ChatGPT peaked in Q2 this year, which impelled multiple tech companies to enter the AI race, including the likes of Microsoft. Crypto tokens based on AI projects also enjoyed immense benefits initially, but at the moment, this bullishness is slowly vanishing.
XRP price is inching closer to initiating a drawdown, with price indicators suggesting bearishness on the way. One of the biggest factors in triggering a move in the altcoin would now come from what the SEC decides to do next, given its recent appeal was denied, which Ripple attorney forecasts could be settling the case.
Bitcoin, the top cryptocurrency by market capitalization, is seeing a volatile 2023, with its monthly returns fluctuating from highs of 39.83% in January to lows of -11.53% in August, based on FXStreet calculations. Historical data suggests Bitcoin’s cyclical nature with a strong Q4 ahead. So, if history is meant to repeat itself, investors can brace for a rally before the upcoming 2024 halving event scheduled for April.
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