As the dispute between Ripple and the Securities and Exchange Commission (SEC) enters its third year, the cryptocurrency community is turning to indicators to predict the future value of XRP, the token at the center of a highly publicized lawsuit.
The algorithm determines the XRP price for January 31, 2023!
Notably, machine learning algorithms on crypto tracking platform PricePredictions predicted the price of XRP to be $0.339721 on January 31, 2023, according to data received by Finbold on Jan.
Artificial intelligence platforms using technical analysis (TA) indicators such as the relative strength index (RSI), Bollinger bands (BB), moving averages (MA), moving average convergence divergence (MACD) and others see -2.07% drop in XRP price at press time .
XRP 30-day price forecast. Source: Price Estimates
Notably, against the background of 2022, XRP whales and sharks were taking advantage of the token’s recent price correction to save up, breaking records by increasing the percentage of supply held to 7.23%, increasing the number of addresses to 1,617.
XRP price analysis
Currently, XRP is trading at $0.3472, up 1.15% in the last 24 hours but down 6.20% from the previous week, with a total market cap of $17.47 billion.
XRP one-day price chart. Source: Finbold
Specifically, crypto trading expert Michaël van de Poppe suggested that XRP faced fierce resistance at the $0.37 level and, based on the recent move, was favored to see the token recover the $0.343 level relatively quickly. The trader stated on January 2 that he would like to see XRP hold $0.33 before an upside rally.
“With XRP, a ton of liquidity has really been taken. It didn’t drop to $0.265, but losing $0.34 accelerated the process on thin order books. Preferably I would like to see $0.33 held and then we can rally higher.”
XRP support level chart technical analysis. Source: Michaël van de Poppe
Although there is still no conclusion in the latest Ripple – SEC court case update, it is expected that the decision of the case will ultimately affect the prospects of XRP. For example, if the case is settled in favor of the blockchain company, investors may feel more optimistic about the future of XRP.
For now, investors will need to actively follow the daily events of the case, market movements and AI price predictions while tracking the XRP price.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.