XRP’s prolonged stagnation has caused significant frustration within the community. Many attribute a significant part of this underperformance to the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC).
Despite experiencing brief surges during recent market rallies, XRP’s price has exhibited minimal overall movement in the past four years.
However, many in the community are holding out hope for a resurgence. To find out if XRP has a chance, we consulted PricePredictions, a platform utilizing AI-powered machine learning algorithms for cryptocurrency forecasts. We checked for XRP’s price by the end of April 2024.
Read Also: Top Chartist Ali Martinez Says XRP Is Ready For Upswing. Here’s how long and why
The PricePredictions algorithm paints a somewhat contrasting picture compared to the broader market sentiment surrounding the upcoming Bitcoin halving, an event historically associated with a bullish ripple effect across the cryptocurrency market.
In this case, PricePrediction’s AI algorithm believes XRP will decline by April 30, dropping to $0.546032 from its current price of $0.5907.
Furthermore, the forecast suggests a continuation of this downward trend into May, with a slight recovery predicted for the second day of the month. However, some optimism emerges at the forecast’s endpoint on May 5, indicating a potential rise.
Although these predictions are from a reputable source, certain developments could help counter a decline. Ripple’s recent foray into the stablecoin market, with a projected launch later in 2024, alongside the anticipated revamp of the XRP Ledger (XRPL), could increase bullish sentiment and help XRP rise.
Technical signs currently show bearish signs for XRP. According to TradingView’s data, the oscillators are showing neutral readings, and XRP’s Moving Averages (MA) are showing a strong sell signal. TradingView gives XRP an overall sell rating, bolstering the short-term bearish view.
Read Also: As XRP Shows Signs of Recovery, Analyst Pinpoints Key Support and Resistance Levels to Watch
However, XRP’s technical outlook becomes progressively more optimistic when considering long-term projections. While the weekly price movements maintain an overall sell rating with a shift in MAs to sell, the monthly chart displays a significant shift towards a buy recommendation.
XRP’s future is sending mixed signals. While a short-term decline is anticipated, the possibility of future events and longer-term technical indicators suggest a potential for a reversal.
Meanwhile, a prominent Bitcoin specialist recently predicted a 942% surge for XRP, and the digital asset is showing signs that it could turn its short-term woes around soon.
Follow us on Twitter, Facebook, Telegram, and Google News
Price predictions are increasingly becoming an intrinsic feature in the crypto landscape, and a famous…
In 2014, Ethereum’s Initial Coin Offering (ICO) took the world of cryptocurrency by storm, raising…
Shiba Inu is experiencing a surge in market activity, capturing attention with approximately 17 trillion…
Crypto chartist CryptoAmsterdam recently advised Shiba Inu (SHIB) investors to view every price dip as…
David Schwartz, Ripple’s Chief Technology Officer, recently highlighted significant distinctions between contracts and “reasonable reliance,”…
Bitcoin's recent all-time highs have brought the cryptocurrency market to a crucial turning point that…