AI establishes the XRP price for June 30, 2024.
XRP (XRP) has been facing a continuous decline in its price, unlike other cryptocurrencies that have seen modest growth or consolidation in recent weeks. Machine learning and artificial intelligence algorithms are also predicting a negative future for XRP.
Since the beginning of the year, the price of XRP has dropped by over 15%. It has been experiencing consistent declines in the past days and weeks, with only a recent slight recovery. This recovery seems to be a delayed reaction to the movements of the rest of the market.
According to the advanced machine learning algorithm on the crypto analytics platform PricePredictions, XRP is projected to continue dropping. The algorithm predicts that XRP will reach a price of $0.448403 on June 30, 2024.
If the algorithm’s predictions come true, it would mean a decline of 13.83% from XRP’s current situation. The algorithm takes into account technical analysis indicators like the relative strength index (RSI) and moving average convergence divergence (MACD).
Currently, the price of XRP is $0.52035, showing a slight increase of 0.10% for the day. However, it has dipped by 1.51% in the past week and recorded a loss of 1.59% in the last month, according to the latest chart data from Finbold on June 4.
The poor price action of XRP in recent days and weeks could be attributed to the bearish sentiment caused by the possibility of Ripple selling 400 million XRP in June. This would be the largest drop in seven years and could potentially disrupt XRP’s market dynamics.
On the other hand, a well-known pseudonymous crypto trading expert, EGRAG CRYPTO, has observed two key chart patterns – the White Channel and the White Triangle – that suggest a major upward move for XRP. This could lead to a market capitalization of $3 trillion.
Considering the current optimism surrounding Ripple’s courtroom battle with the United States Securities and Exchange Commission (SEC), the bullish predictions of the crypto industry analyst regarding XRP’s market value in the next year could indeed come true.
In conclusion, while the machine learning algorithm predicts a decline for XRP, there are differing views from experts. It is important to conduct thorough research when investing in any asset, whether it is a cryptocurrency or otherwise.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and there is a risk of losing capital.