After its price coincidentally briefly dropped as TV personality Jim Cramer’s commented with cautious optimism on the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple, the XRP token is back on the horse, and machine algorithms are suggesting more success is in store.
Indeed, XRP has continued to recover even as the largest cryptocurrency by market capitalization, Bitcoin (BTC), is recording losses, and crypto traders and investors are carefully watching for any indicators that would suggest that boosted growth is in the cards.
With this in mind, Finbold has consulted the machine learning algorithms over at the crypto tracking platform PricePredictions. As it happens, the algorithms using artificial intelligence (AI) technology predict that XRP will be trading hands at the price of $0.561968 on April 30, 2023, according to the latest data retrieved on March 31.
Specifically, this projection, which represents a 4.068% increase from XRP’s price at press time, relies on technical analysis (TA) indicators, such as moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), relative strength index (RSI), average true range (ATR), and others.
XRP price analysis
As things stand, XRP is currently trading at the price of $0.54, recording an increase of 0.48% on the day, as well as a more significant gain of 19.47% across the previous week, adding up to the gains of 41.51% on its monthly chart, as recent data indicates.
Meanwhile, the XRP sentiment on the one-day gauges at the finance and crypto monitoring website TradingView is bullish. Namely, its summary suggests a ‘buy’ at 14, which is the result of oscillators pointing at a ‘sell’ at 3 and moving averages in the ‘strong buy’ zone at 13.
It should also be noted that the social dominance of the XRP network skyrocketed to its highest level in a year after the XRP price surged past the $0.49 psychological level for the first time since November 6, followed by the continuation to $0.50 and beyond.
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Source: https://finbold.com/machine-learning-algorithm-sets-xrp-price-for-april-30-2023/