Despite XRP moving upward in the past weeks, it has fallen back in line with the rest of the cryptocurrency market that is suffering a decline after the news of a lawsuit that the United States Securities and Exchange Commission (SEC) has filed against crypto trading platform Binance, but the sentiment remains positive.
Specifically, Finbold has tapped into the machine learning algorithms over at the crypto analytics platform PricePredictions, and they have painted an optimistic picture for the future price of XRP, suggesting it would reach $0.523589 by June 30, 2023, according to the data retrieved on June 6.
Should these projections, based on technical analysis (TA) indicators such as the moving average convergence divergence (MACD), Bollinger Bands (BB), average true range (ATR), relative strength index (RSI), and more, prove correct, they would represent an increase of 4.72% to XRP’s current price.
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XRP price analysis
Meanwhile, XRP was at press time changing hands at the price of $0.50, demonstrating a decline of 6.10% on the day and 0.38% across the previous week, endangering the advance of 8.72% it has achieved on its monthly chart, as per data retrieved on June 6.
Simultaneously, the TA gauges on the finance and crypto market analytics platform TradingView are generally bullish, suggesting a ‘buy’ at 13, as summarized from oscillators in the ‘neutral’ zone at 8 and moving averages (MA) pointing at a ‘buy’ at 11.
At the same time, cryptocurrency analyst Ali Martinez noted a significant spike in the number of new XRP addresses on the network, arguing this was one of the most accurate indicators of a digital asset’s future price directions, which could result in a “major price upswing.”
Earlier, Finbold reported on crypto trading expert Captain Faibik who said that ‘the XRP train’ had already left the proverbial station and is imminently going in the direction of the critical $1 milestone, suggesting that optimism runs high and could lead towards its predicted recovery, even more so if the SEC’s case against its issuer, Ripple, ends favorably for the blockchain company.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
