The machine learning algorithm of the world’s leading provider of market forecasts and price predictions for all cryptocurrencies, PricePrediction has set the price for XRP for May 1, 2023.
PricePredictions’ machine learning AI which constantly monitors the markets leverages several technical analysis indicators such as moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), and Bollinger Bands (BB), among others to make its crypto price predictions.
According to the latest information retrieved by TimesTabloid from the crypto analytics platform, XRP which is currently trading for $0.477 would not see a substantial price gain in the next few days but rather a decline. It bears mentioning that over the past 7 days, XRP has exhibited bearish tendencies, as the coin has experienced a decline of 4.73%.
In particular, the machine learning algorithm predicts XRP to trade for $0.470758 per coin by May 1, 2023. Whether this forecast would turn out to be true or false is a matter of time.
But some factors could cause XRP to retrace to this predicted level by the start of the sixth month. One of these could be the overall performance of the crypto market. Should Bitcoin’s price tends to decline massively in the coming days, then XRP could follow suit.
Recall also that there are now two lawsuits filed against Ripple regarding the classification of XRP and in both lawsuits, the plaintiffs claim that XRP is a security. While the Ripple-SEC case has been lingering for more than two years now with no specific date for the Summary Judgment, the public hearing of the Zakinov v. Ripple case is slated for today and will take place at California’s federal court.
In a case where an unfavorable development arises in both or either of the court cases, XRP could suffer a drop. On the other hand, if the positive sentiments surrounding the Ripple-SEC case continues, XRP could rally as predicted by top analysts.
Meanwhile, a look at the TradingView crypto analytics platform shows that investors are bullish on XRP as per the one-week gauges whose pointers stand at “11”, suggesting ‘buy”. The moving averages (MA) indicator and oscillators which stand at “10” and “9” respectively further tell investors that it is a good time to buy XRP. Egrag, a notable TA expert also noted that XRP below $1 is a life-changing opportunity.
At the time of writing, XRP is down 4.73% in the last 7 days but despite the current downturn, XRP is expected to stage a short-term recovery in the coming week as traders continue to capitalize on the dip.
