After spending most of 2024 trading relatively flatly, XRP saw a decisive move to the upside in early November of 2024, in tandem with the rest of the cryptocurrency market.
XRP’s gains were quite impressive, outpacing several other big-name coins and tokens. By December 2, the digital asset had reached a price of $2.71. Since then, however, momentum has slowed significantly — the price of XRP had receded to $2.37 by press time, with a 5% loss on the daily chart.
Over the last 30 days, the price of the token has decreased by 2.60% — although price action has been quite volatile, with a noted crash below $2 on December 20. The dip was brief — but XRP has struggled to sustain upward momentum ever since.
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In just a couple of days, the SEC will file its appeal-related opening brief in its case against Ripple Labs. By the end of the month, Donald Trump, largely seen as a pro-crypto figure will be inaugurated — and current SEC chairman Gary Gensler will resign. All of these events have the potential to significantly impact XRP’s price action.
For additional clarity, Finbold has decided to consult the advanced AI algorithm utilized by the cryptocurrency analytics and forecasting platform PricePredictions to figure out which prices XRP could be trading at by the end of the month.
Machine learning algorithm sees upside in the cards for XRP
With all of that taken into account, the algorithm predicts an upward trajectory for XRP — with prices forecast to reach $2.70 by the end of January. If these predictions come true, this would equate to a 13.92% surge from XRP’s current price.
The algorithm’s predictions are based on technical analysis — and take into account indicators that provide a look into the strength of trends and whether or not an asset is overbought or oversold, such as moving average convergence divergence (MACD), the relative strength index (RSI), and Bollinger bands (BB).
Going forward, the forecast is even more optimistic — per the algorithm, XRP could surpass the $3 mark in mid-February, although a correction is predicted to follow in short order.
Experts predict XRP price
On January 12, noted cryptocurrency researcher Alan Santana shared a consolidation chart pattern he identified, which led the analyst to conclude that a rally to $2.70 is possible if short-term bullish momentum occurs. However, Santana is a tad more bullish than the algorithm — as he noted that even the $2.9 level could be challenged in the coming weeks.
In addition, pseudonymous trading expert The Great Mattsby also opined that XRP could reach new all-time highs (ATHs) above $2.70 in just weeks or days, based on Fibonacci retracement, a popular method used to spot pullbacks and points where new trends could begin.
Lastly, readers would do well to remember that, as useful as technical analysis is, it often doesn’t provide a complete picture. While the findings shared by these researchers are promising, Ripple’s $690 million XRP dump will likely serve as a strong counterweight to any bullish moves, at least in the short term.
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