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Machine learning algorithm sets XRP price for February 1, 2023

Machine learning algorithm sets XRP price for February 1, 2023

As the end of the widely-publicized lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple Labs approaches, investors are hoping that a favorable ruling in the case against the financial regulator will have a significant bullish impact on the price of XRP in the short term.

With much recently made about in artificial intelligence (AI) with AI tools like OpenAI’s ChatGPT, investors are now looking to deep learning algorithms to gauge future crypto price trends.

Notably, the machine learning algorithm at PricePredictions projects that XRP will likely extend the bullish trend from January to February. Per the projection, the asset is expected to trade at $0.400353 on February 1, representing an increase of about 2.8% from the token’s price at the time of publishing.

XRP price forecast. Source. PricePredictions

XRP price analysis

Currently, XRP is trading at $0.3885 with gains of about 0.92% in the last 24 hours and a further 11.32% across the previous week.

XRP 1-week price chart. Source. Finbold

As things stand, XRP has a total market capitalization of $19.6 billion, adding over $2.5 billion from January 1, when its market cap stood at $17.1 billion at the start of the year. The token also holds the position of the sixth-largest cryptocurrency by this indicator.

From a technical perspective, ​​TradingView’s technical analysis (TA) indicators on 1-day gauges are mainly bullish, with their summary pointing toward ‘buy’ at 11. These results are aggregated from oscillators pointing toward ‘neutral’ at 9 (with 1 for ‘sell’ and 1 for ‘buy’); moving averages at the same time indicate a ‘buy’ at 10 (as opposed to ‘sell’ at 4 and ‘neutral’ at 1).

XRP 1-day TA gauges. Source. Finbold

Given that defense lawyer and popular commentator on the case, John E. Deaton’s optimism that the SEC will lose the case, the odds could indeed be in the favor of Ripple and XRP.

As the attorney pointed out that the SEC’s argument, in which it claims that the XRP token is a security at all times, was itself evidence that the use of the Howey test in the case of Ripple Labs and XRP was problematic and a difficult thing to carry out.

All of this, according to Deaton’s analysis, shows that the SEC is incorrect in its conclusion that XRP met the second and third prongs of Howey, and hence that the SEC has very little likelihood of success in this case.

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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