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Machine learning algorithm predicts XRP price for April 30, 2024

Machine learning algorithm predicts XRP price for April 30, 2024

Despite XRP’s popularity and importance as a probable precedent-setter, its price has long been depressed by Ripple’s long-standing fight against the Securities and Exchange Commission (SEC).

Indeed, while the token did manage several surges during the ongoing crypto market rally, its apparent stable levels saw little change in the last 48 months or so. 

Still, there has been some activity and some excitement as the stable trend has been slightly upward on the one hand, but on the other, XRP is in the red year-to-date (YTD).

With this in mind and the ever-high hopes, Finbold decided to consult the AI-driven predictive machine learning algorithms of a platform specialized in making cryptocurrency forecasts – PricePredictions – on where XRP might stand at the end of the current month.

XRP price at the end of April

As it turns out, despite the upcoming Bitcoin (BTC) halving being widely expected to constitute a rising tide that lifts all boats in the crypto market, XRP is predicted to float more like a stone in the coming weeks.

By April 30, XRP is forecast to decline 5.47% from its press time price of $0.5776 to $0.546032.

XRP forecast for April 30, 2024. Source: PricePredictions

Furthermore, the token is expected to continue dipping into May, despite a brief spike on the second day of the month. Some silver lining, however, is provided by a notable uptick at the forecast’s break-off point on May 5.

The prediction might also soon become more bullish as Ripple has recently entered the stablecoin game – with the launch expected to come later in 2024 – and there are some expectations that the development and the anticipated revamp of the Ledger could send XRP rocketing.

XRP technical analysis

The bearish outlook for XRP is also partially corroborated by the technical analysis (TA) provided by TradingView.

Per the data retrieved on April 5, XRP’s 24-hour performance leads to oscillators being neutral but moving averages (MA) flashing a “strong sell” warning and leading to an overall “sell” rating.

XRP technicals based on the previous 24 hours of trading. Source: TradingView

Still, much like the longer-term forecast offers some silver lining, the token’s longer-term performance leads to an increasingly bullish analysis. For example, the weekly price movements still lead to an overall “sell” rating though MA flips to “sell,” but the monthly chart has the overall ranking turn to “buy.”

XRP technicals based on the previous 30 days of trading. Source: TradingView

XRP price chart

No matter what April brings, it remains a fact that, despite breakout attempts, XRP’s price has remained largely depressed. Since January 1, the token has fallen 8.73% but it did manage to rise 13.74% in the last 52 weeks of trading.

XRP 52-week price chart. Source: CoinMarketCap

More recent trading has brought, for the most part, little other than volatility and price drops. XRP is in the red both on the monthly chart – 3.19% – and the weekly chart – 8.58%. XRP price today stands at $0.5776 after a 3.09% 24-hour fall.

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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