Following the ruling that XRP is not a security, the token has gained popularity and its parent company, Ripple, has obtained a 'partial victory' over the SEC. This caused XRP's price to increase to around $0.93. However, the price has since stabilized at around $0.7. Despite this, there is still optimism about XRP's future price, which is why a Machine Learning tool was used to predict its value.
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ML Tool Predicts XRP Price. Here’s What It Said
PricePredictions.com is a website that utilizes an advanced machine learning algorithm to provide current and future trends on various tokens. Recently, the site was consulted to gain insight into the future price of XRP and to prepare for any potential rallies. ML Tool Predicts XRP Price.
Based on the AI tool's analysis of XRP's price action, it is forecasted that there will be an upward trend resulting in a 1.5% increase in value from its current price of $0.7. Additionally, the tool projects that XRP will reach a price of $0.71 by August 26, 2023.
To determine these forecasts, the algorithm analyzes technical analysis indicators such as moving average convergence divergence (MACD), average true range (ATR), relative strength index (RSI), and Bollinger Bands (BB). This logical approach provides valuable insights for those interested in the future of XRP.
XRP Has Come A Long Way
Ripple Lab's recent legal victory over the SEC has generated significant interest in XRP, particularly from institutional investors. As a result, XRP's market capitalization increased to a yearly high of $46.1 billion at the time of the ruling that it was not a security. Currently, XRP's market stands at around $37 billion according to data from CoinMarketCap.
In addition, XRP became the most actively traded altcoin in 2023, accumulating over $1 billion in trading volume. This outperformed other altcoins such as BNB, SOL, MATIC, and DOGE. Although XRP is still below its all-time high of $3.84 in 2018, it has shown impressive market trends recently. It is projected that more users will continue to take an interest in the token, ultimately promoting wider adoption.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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