Machine learning algorithm predicts XRP price on August 31, 2024
Machine learning algorithm predicts XRP price on August 31, 2024 
Cryptocurrency Aug 2, 2024 Share
With the majority of assets in the cryptocurrency market having slowed down their gains in recent days, including the XRP Ledger (XRP) token, the weak situation might continue in the next several weeks, at least according to some machine learning and artificial intelligence (AI) models.
As it happens, XRP recorded a dramatic 35% price increase in July thanks to high on-chain activity that included major whale transactions and significant network growth, but the seventh-largest asset in the crypto sector by market capitalization has failed to sustain this momentum.
XRP price, network growth, and whale transactions in July. Source: Santiment
XRP price prediction
In this context, the advanced AI and machine learning algorithms deployed by the crypto market forecasting platform PricePredictions suggest that XRP price might continue to experience a modest decline towards the end of this month, dropping to $0.560463 on August 31, 2024, per data retrieved on August 2.
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30-day XRP price forecast. Source: PricePredictions
Considering this prediction, which factors in technical analysis (TA) indicators like moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and others, it suggests that XRP might be changing hands at the price 1.96% lower than its current situation.
XRP price analysis
At press time, XRP was trading at $0.57168, which indicates a decline of 6.63% in the last 24 hours, a 4.48% dip across the previous seven days, while still recording an increase of 20.28% over the past month, according to the most recent chart data.
XRP price 7-day chart. Source: Finbold
Meanwhile, in terms of XRP’s longer-term prognosis, crypto trading expert Ali Martinez has suggested that the token’s technical indicators point to a bullish trajectory to the $1 level toward year’s end if it manages to break out of the symmetrical triangle chart pattern it has been consolidating in for years.
XRP price performance and chart pattern analysis. Source: Ali Martinez
More recently, crypto analyst CoinsKid pointed out that XRP was “looking decent from the green line buy zone” despite many skeptics, although he acknowledged that this is “not really much to get over excited [sic] about for XRP until we see higher highs and higher lows begin to form over many weeks.”
XRP price performance analysis. Source: CoinsKid
All things considered, machine algorithms are not very optimistic about the XRP price in the short term, but crypto experts maintain a bullish attitude, and developments, like the introduction of tokenized United States Treasury bills (T-bills) to the XRP Ledger, might contribute to its positive price action in the longer run.
That said, trends in the cryptoverse can dramatically change, often without any warning, so doing one’s own due diligence, including researching the token, keeping up with any XRP news today and in the future, as well as carefully weighing the risks, is critical when investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
