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AI predicts XRP price for August 1, 2024

AI predicts XRP price for August 1, 2024

With many assets in the cryptocurrency sector starting to stagnate after recent bullish price action, the same is happening to XRP, but artificial intelligence (AI) algorithms predict further improvements for this crypto asset in the following several months.

As it happens, XRP has halted its bullish advances from the previous days and has dropped back below the previously surpassed critical price level at $0.53, demonstrating the beginning of a consolidation noticeable in other assets in the crypto market as well.

XRP price prediction

Specifically, one of the popular AI algorithms, which takes into account historical XRP price movements, technical analysis (TA) indicators, chart patterns, and other relevant factors, has set the price of XRP on August 1, 2024, at $0.384764, which would suggest a drop of 27.29% from its current price.

3-month XRP price prediction. Source: CoinCodex
3-month XRP price prediction. Source: CoinCodex

Elsewhere, the newest model of the OpenAI invention ChatGPT, called GPT-4o, has set the price of XRP for August 1, 2024, in the range of $1.24 – $3.30, taking into account both “median expert expectations [and] bullish predictions and favorable legal outcomes,” as well as supply, demand, and market dynamics. 

Additionally, the recent Anthropic AI model, Claude 3 Opus, has offered the XRP price prediction in the range of $0.838 – $2.23 by August 2024, considering “market dynamics, regulatory developments, and the outcome of Ripple’s legal case” with the United States Securities and Exchange Commission (SEC).

Notably, it has also explained that Ripple’s strategic partnerships could positively affect the acceptance of XRP and, with it, the token’s price action:

“Ripple has established partnerships with numerous banks and financial institutions, indicating growing adoption and integration of XRP into mainstream financial systems.”

XRP price analysis

Currently, XRP is changing hands at $0.52919, suggesting a decline of 2.19% in the last 24 hours but still recording an increase of 4.24% across the previous seven days and yet accumulating a drop of 1.08% on its monthly chart, as per data on May 22.

XRP price 7-day chart. Source: Finbold
XRP price 7-day chart. Source: Finbold

Earlier, crypto analyst Maximus Prime observed that XRP recently encountered rejection at the symmetrical trendline, a critical resistance level, stressing that XRP will have to “fight its way back into it and hold above,” adding that the two-week chart presented a bearish outlook but that bulls were still trying.

At the same time, EGRAG Crypto highlighted that XRP was showing “inclining steps to the upside” – a bullish sign visible “even if you’re not a chart analyst” – and a “solid trajectory” with the next pivotal target at $0.75, projecting consolidation followed by a pump and “the grand finale” in an X post on May 21.

XRP price action analysis. Source: EGRAG Crypto
XRP price action analysis. Source: EGRAG Crypto

All things considered, AI and experts’ bullish XRP predictions might be correct, but doing one’s own research, weighing the risks, and keeping up with any relevant XRP news and Ripple news is critical before investing a significant amount of money in this token, as trends can change.

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

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