XRP has been one of the trending tokens following the summary judgment which ruled that the token was not a security, giving its parent company, Ripple, a ‘partial victory’ over the United States Securities and Exchange Commission (SEC). That event saw XRP’s price soar to about $0.93.
However, XRP’s price seems to have cooled off, settling at the $0.7 price mark. Despite this, there still seems to be bullish sentiment around XRP’s future price, which is why this Machine Learning tool was consulted to predict XRP’s price.
Here’s What It Said
PricePredictions.com, a site powered by an advanced machine learning algorithm that provides current and futuristic trends about several tokens, was consulted in a bid to get an insight into XRP’s future price and to better position themselves in case of a rally by the token.
According to XRP’s futuristic price action, the AI tool forecasts that there will be an upward trend that will see XRP gain about 1.5% in value from its current price of $0.7. It has also been projected that XRP will hit the price mark of $0.71 by August 26, 2023.
For insight into how the machine learning tool works, the algorithm analyzes current technical analysis (TA) indicators, like moving average convergence divergence (MACD), average true range (ATR), relative strength index (RSI), and Bollinger Bands (BB) to come up with a logical price forecast.
XRP price trending at $0.7 | Source: XRPUSD on Tradingview.com
XRP Has Come A Long Way
Ripple Lab’s aforementioned victory over the SEC undoubtedly sparked significant interest in XRP, especially from institutional investors, seeing the token rise above Circle’s USDC and Binance’s BNB to become the fourth-largest cryptocurrency by market cap.
This took XRP’s market capitalization to a yearly high of $46.1 billion at the time of the ruling that it wasn’t a security (XRP’s market currently stands at around $37 billion according to data from CoinMarketCap).
XRP also became the most actively traded altcoin in 2023. The token accumulated over $1 billion in trading volume, outperforming other altcoins like BNB, SOL, MATIC, and DOGE.
Although XRP is still far below its all-time high of $3.84 in 2018, it has undoubtedly had an impressive market trend lately, and it is projected that many more users will continue to pick an interest in the token and ultimately promote wider adoption.
Featured image from iStock, chart from Tradingview.com