Machine learning algorithm sets XRP price for February 28, 2023

The conclusion of the highly publicized dispute between Ripple Labs and the United States Securities and Exchange Commission (SEC) is drawing near, and investors are expecting that a favorable verdict in the case against the financial regulator will have a substantial bullish influence on the price of XRP in the near future. 

Artificial intelligence (AI) has lately come into the spotlight because of tools like OpenAI’s ChatGPT, and now investors are turning to deep learning algorithms to help predict the direction of cryptocurrency prices

PricePredictions’ machine learning algorithm, in particular, predicts that XRP will continue its positive trend from January up until the end of February. According to the data, the token’s value will rise to $0.405 on February 28 before rising again in March.

XRP price forecast. Source. PricePredictions

The artificial intelligence forecasts use different technical indicators, such as the Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others; price forecast represents an increase of a 0.87% increase over the token’s price at the time of publication.

XRP price analysis

XRP is currently trading at $0.4019, down 0.24% in the last 24 hours and a further 4.76% across the previous week. As things stand, XRP has a notable support level of around $0.36503, meanwhile, the first resistance zone is at $0.42611.

XRP 1-day price chart. Source. Finbold

Bulls are watching XRP closely for a breakthrough during the token’s prolonged consolidation period. Market participants that believe the value of XRP will decline may have been responsible for the recent price stability by dumping the token in large quantities. 

XRP, on the other hand, seems to have responded to this attempt by creating enormous demand for the currency, and buyers are willing to absorb large sell orders. 

The XRP technical analysis on TradingView is mixed, with the summary aligning with the ‘buy’ sentiment at 13 while moving averages are for ‘strong buy’ at 13. Oscillators are pointing at ‘neutral’ with 8. 

XRP 1-day TA gauges. Source. TradingView

Meanwhile, with the judgment still unknown, legal experts are still speculating on the potential outcome of the case and its impact on the cryptocurrency industry. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.