AI predicts XRP price for August 31, 2024
AI predicts XRP price for August 31, 2024 
Cryptocurrency Aug 8, 2024 Share
After the long-awaited final judgment in the courtroom battle between the United States Securities and Exchange Commission (SEC) and Ripple, in which the regulator accused the blockchain company of illegally selling XRP, the token at the center of it has reacted accordingly and forecasts are even better.
As it happens, the big win for Ripple, in the form of the ruling that it has to pay only a fragment of the demanded disgorgement for institutional XRP sales, preceded a wave of enthusiasm across the cryptocurrency industry, primarily the XRP community, reflecting in the price of its token.
XRP price prediction
In this context, the advanced artificial intelligence (AI) and machine learning algorithms deployed by the crypto market analytics and forecasting platform PricePredictions envision further, albeit modest, advances for XRP towards the end of this month, according to the data on August 8.
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Specifically, the algorithm, which relies on technical analysis (TA) indicators, such as Bollinger Bands (BB), average true range (ATR), moving average convergence divergence (MACD), relative strength index (RSI), and others, predicts that XRP will reach the price of $0.638471 by August 31, 2024.
XRP price prediction chart. Source: PricePredictions
In other words, if the AI and machine learning algorithm’s XRP price prediction comes true, they would represent an increase of 3.35% from the price of the currently sixth-largest asset in the crypto sector by market capitalization, which is already pushing well over $0.61.
XRP price analysis
Indeed, XRP was at press time changing hands at the price of $0.6178, which indicates an increase of a massive 19.68% in the last 24 hours, reversing the losses incurred in the past week and advancing 1.61% during this period, as well as adding up to the 41.63% gain on its monthly chart.
XRP price 24-hour chart. Source: Finbold
It is also worth noting that blockchain analytics platform Santiment recently observed that crypto wallets holding between 1 million and 10 million coins on the XRP Ledger currently hold an all-time high (ATH) of 7.06 billion coins, worth around $4.4 billion, and the “project’s social media discussions are at their highest levels since January.”
XRP social dominance and wallets. Source: Santiment
At the same time, pseudonymous crypto trading expert CoinsKid has noted that XRP was up 34% off his “2nd fearful XRP buy zone that people said I was foolish to bid at,” but that he was “still looking for the higher high, higher low structure to form from the 5 wave thrust down for XRP” for the final result.
XRP price performance analysis. Source: CoinsKid
As a reminder, the positive XRP news arrived in the form of favorable Ripple news regarding its legal woes, i.e., the final judgment in the years-long standoff with the securities regulator, in which Judge Analisa Torres ordered damages worth only a fraction of the demanded $2 billion.
With this in mind, the AI algorithm’s XRP price prediction could, indeed, come true or even surpass expectations. However, trends in the crypto industry can sometimes change dramatically, so doing one’s own due diligence is critical when investing substantial amounts of money.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
