State-of-the-Art Machine Learning Model Sets XRP Price For May 31, 2024

Like every other crypto asset, XRP has not been in its best run, which is quite understandable considering that the general market outlook seems to spew bearish potentials for top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).

As with common occurrences in the crypto sphere, the prevailing situation will turn around sooner or later, resulting in price appreciation across several cryptocurrencies.

Read Also: Terra Classic (LUNC) Price for January 31, 2023, Predicted by Machine Learning Algorithm

For XRP, every potential price surge following positive market reversals has always been hindered by the legal dispute involving Ripple, XRP’s primary distributors, and the United States Securities and Exchange Commission (SEC), complicating the embattled crypto asset situation.

Amid the precarious outlook, XRP enthusiasts have remained hopeful for a great future, as all indications appear to hint at the possibility of the court’s final ruling happening within this year.

While we anticipate the court’s verdict, glancing into XRP’s price by the end of the month could be handy in helping the coin’s devotees keep a close tab on their favorite coin asset.

Consequently, the subsequent part of this insight shall reveal what the Artificial Intelligence (AI) model employed at the popular crypto price analysis platform, “PricePredictions,” thinks of XRP’s price on May 31, 2024.

AI Model Projects XRP Below $0.5 By Month’s End

According to the Machine Learning algorithm, XRP might have escaped periods of high volatility. However, the future outlook remains bleak, culminating in price drops that would see the coin sell below $0.5 on May 31.

Projecting a specific month’s end price target for XRP, the machine learning model predicted a slight and elongated decline that would plunge XRP to approximately $0.48 come May 31.

Meanwhile, XRP, at the time of reporting, is priced at approximately $0.52, mirroring a 0.4% upswing in the last 24 hours. A potential decline to $0.48 would imply a 7.69% drop in the coin’s price on May 31, 2024.

Read Also: Automobili Lamborghini drops its limited edition “World Tour” themed NFTs this October 

AI Price Forecast Contradicting Market Experts’ Predictions

Contrary to the machine learning algorithm’s price projection, several crypto experts have predicted a bullish XRP future, citing several analyses and previous market cycles.

In a recent analysis reported by TimesTabloid, James Jay, host of the popular YouTube channel Crypto4Life, has warned XRP holders on the need to consider XRP’s long-term potential, adding that selling XRP at $10 would only result in regrets as the coin boasts tremendous potential for a more significant price appreciation.

In another news article, renowned market analyst Cryptobilbuwoo cited XRP’s previous market trend that culminated in its $3.3 price all-time high (ATH) to predict a similar rally that would see XRP hit $33, after which it skyrocket to $589.

---

Follow us on Twitter, Facebook, Telegram, and Google News