This Machine Learning Tool Was Asked To Predict XRP Price, Here’s What It Said

Scott Matherson

1 year ago

2 mins read

Ripple coin, XRP token, cryptocurrency on golden background

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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

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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