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Machine learning algorithm predicts XRP price on March 1, 2024

Machine learning algorithm predicts XRP price on March 1, 2024

XRP has been getting a lot of attention in recent months with many traders hoping that the cryptocurrency would finally be able to reach its old all-time highs amidst the Bitcoin (BTC)-led crypto market and a string of important victories in Ripple Labs’s legal battle against the U.S. Securities and Exchange Commission (SEC).

Despite the wider trend and despite the hopes. XRP’s overall performance has been somewhat disappointing, prompting many to wonder will XRP ever reach $1, let alone surge toward $2, as certain technical indicators such as the relative strength index (RSI) – particularly when paired with Bitcoin’s RSI – have recently signaled.

XRP price chart

Indeed, despite the broad surge in the crypto market, XRP price is up a relatively modest 38.53% in the last 52 weeks and is actually down 13.91% in 2024. The previous 30 days of trading haven’t been much more optimistic, and the cryptocurrency declined 0.66% in the timeframe.

Similarly, XRP price today fell as much as 5.41% in the latest hours of trading, and its press time price stands at $0.54.

XRP YTD chart. Source: Finbold

In this context, Finbold elected to consult the AI-driven predictive machine learning algorithms of a platform specialized in projecting future prices of cryptocurrencies – PricePredictions – on how XRP might fare over the coming 10 days.

XRP price prediction

The predictive algorithms of PricePredictions, as it turns out, forecast that XRP will indeed start rising in the coming days. They project that the token will rise 2.8% and stand at $0.553549 on March 1, 2024.

Additionally, the AI forecasts that the uptrend will persist into the second half of March and that, in 30 days, XRP will stand at $0.570682, having risen a total of 5.55% in the timeframe.

XRP price forecast. Source: PricePredictions

Despite the positive projections, technical analysis (TA) of the token obased on the cryptocurrency’s performance in the last 24 hours of trading, as well as in the last week and provided by TradingView, reveals it may be wiser to sell.

XRP technicals. Source: TradingView

Indeed, the most recent timeframe is particularly bearish as it leads to XRP being ranked as a ‘sell’ overall, with oscillators rating it as a “sell” and moving averages as a “strong sell.”

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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