As the larger part of the cryptocurrency market starts to slow down the last week’s gains, XRP is no exception, returning below the previously gained $0.53 level, but machine learning and artificial intelligence (AI) algorithms are optimistic about it, predicting the bullish momentum again by Valentine’s Day.
Specifically, the advanced AI algorithms used by crypto and stock analytics platform CoinCodex see the price of XRP sharply increasing in the next few days, setting it at $0.56 on February 14, 2024, which would indicate an 8.74% gain compared to its price on February 12.
Previous Valentine’s Days
Traditionally, Valentine’s Day over the years has been a mix of bearish, bullish, and middle-road price action for XRP, with February 14, 2017, seeing it changing hands at the price of $0.00622, declining in the preceding days and following a similar downward pattern in the days after.
That said, the following year’s Valentine’s Day was massively bullish for the XRP price in comparison to the year before, witnessing an increase to $1.129 on February 14, 2018, which represented a whopping gain of 18,051.1% but declining below $1 by the end of the month.
Meanwhile, the Feast of Saint Valentine in 2019 saw a significant decline for the XRP price, which dropped to a mere $0.3 but went through a slight recovery by the end of February that year, experiencing an increase to only $0.33 in the same period in 2020, and declining below $0.23 in later weeks.
However, XRP started to show signs of hope again during Valentine’s Day in 2021, when its price hit $0.59, albeit failing to retain the bullish rally in the days and weeks that followed but making an especially powerful move to $0.8 during the same period in 2022, again with some consolidation afterward.
Finally, in 2023, XRP felt the negative sentiment related to the courtroom standoff between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple, which the regulator accused of illegal XRP sales, and was trading in the $0.38 zone during the entire month of February.
XRP price analysis
At press time, XRP is changing hands at the price of $0.515, down 3.33% in the last 24 hours, up 1.81% in the previous seven days but recording a decline of 10.29% on its monthly chart, according to the most recent data retrieved by Finbold on February 12.
Overall, XRP could, indeed, end up in the optimistic price range set by the AI algorithms, but given the volatility of the asset, as well as the crypto market as a whole, it is important to carry out one’s own research before investing any significant amount of money in it.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/ai-sets-xrp-price-for-valentines-day-2024/