As the exceptionally bullish sentiment in the cryptocurrency industry continues to push the price of its assets upward, including that of XRP, which has already surpassed the $0.65 threshold, machine learning and artificial intelligence (AI) algorithms predict more advances in the near future.
Indeed, the XRP token could continue to improve its price during March, potentially reaching $0.70067 by March 31, 2024 – according to the advanced price projection algorithms deployed by the crypto analytics and forecasting platform PricePredictions, as per the information obtained on March 4.
XRP 1-month price forecast. Source: PricePredictions
Should this prediction, relying on indicators like the relative strength index (RSI) Bollinger Bands (BB), moving average convergence divergence (MACD), average true range (ATR), and others, prove correct, it would represent an increase of 6.26033% from the price of XRP at press time.
XRP 30-day price chart. Source: Finbold
At the same time, the sentiment towards XRP on its 1-day, 1-week, and 1-month technical analysis (TA) gauges is exceedingly optimistic as well, rating it as a ‘strong buy’ on the basis of its very positive oscillators and moving averages (MA), all recommending a ‘buy’ for XRP.
XRP 1-week sentiment gauges. Source: TradingView
It is also important to note that the price of XRP often moves in response to the developments around the legal battle that the United States Securities and Exchange Commission (SEC) is still waging against blockchain company Ripple, which it accuses of illegal sales of XRP it considers a security.
All things considered, whether XRP truly manages to meet the machine algorithm’s expectations will depend on multiple factors, including its current price action, sentiment in the wider cryptoverse, Ripple’s successes in the case against the securities regulator, and more.
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