Although the majority of assets in the cryptocurrency market have recorded modest growth or at least consolidation of their previous gains in recent weeks, XRP (XRP) has been stuck in a relentlessly negative price trend, and machine learning and artificial intelligence (AI) algorithms are not optimistic.
As it happens, the price of XRP has declined over 15% since the year’s turn, as well as recording continuous declines in past days and weeks, and only recently managing to slightly turn the tide and start the day in the green price zone in what seems to be a late reaction to the rest of the market’s moves.
30-day XRP price prediction. Source: PricePredictions
Indeed, should the algorithm’s predictions, which draw upon technical analysis (TA) indicators like relative strength index (RSI), moving average convergence divergence (MACD), and others, come true, they would reflect a decline of 13.83% from XRP’s current situation.
XRP price analysis
At press time, XRP price stood at $0.52035, suggesting an increase of 0.10% on the day while dipping 1.51% across the past week and recording a loss of 1.59% in the last month, as per the most recent chart data retrieved by Finbold on June 4.
XRP price 24-hour chart. Source: Finbold
So, why is XRP dropping? Notably, the reason behind XRP’s poor price action in recent days and weeks could be the bearish sentiment from the possibility of Ripple selling 400 million XRP in June, which would represent the largest drop in seven years and potentially shake XRP’s market dynamics.
On the other hand, a renowned pseudonymous crypto trading expert EGRAG CRYPTO has recently observed the possibility of a major move upwards for XRP based on two key chart patterns – the White Channel and the White Triangle – which could lead its market capitalization toward a whopping $3 trillion.
XRP price action analysis. Source: EGRAG CRYPTO
Adding the current optimism regarding Ripple’s courtroom battle with the United States Securities and Exchange Commission (SEC) into the mix, the crypto industry analyst’s exceedingly bullish predictions regarding XRP’s market value in the next year could, indeed, come true.
All things considered, XRP might indeed follow the path predicted by the machine learning algorithm, although the above expert has differing views, illustrating the importance of doing one’s own research when investing in any asset, crypto or otherwise.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
