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.
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.
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.
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.