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Machine learning algorithm sets XRP price for March 1, 2023

Machine learning algorithm sets XRP price for March 1, 2023
Paul L.

XRP is currently guided by bullish sentiments, despite the token’s price position remaining precarious due to the possibility of a continued rise or drop in value. With XRP standing out among closely monitored tokens, mainly from the legal front, the community remains interested in how the token will likely perform.

In this regard, Finbold explored machine learning algorithm prediction at a crypto tracking platform PricePredictions, regarding XRP’s price projection. According to the platform’s 30-day price forecast, XRP is likely to trade at 0.3910 on March 1, 2023, according to data retrieved on February 21.

In comparison to XRP’s price at the time of publishing, the projected value represents a minor increase of about 1%.

XRP 30-day price forecast. Source: PricePredictions

Notably, the forecast puts into consideration different technical indicators, such as the Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others.

XRP price analysis

Currently, XRP has failed to hold above the $0.40 resistance level, with the asset trading in line with the general market. By press time, XRP was valued at $0.39, representing weekly gains of almost 7%.

XRP seven-day price chart. Source: Finbold

In the meantime, XRP’s long-term price prediction remains bullish, with a recent Finbold report indicating that the asset will likely end the year at $0.49 as per projection by CoinPriceForecast.

A review of XRP’s one-day gauges on TradingView shows the token is dominated by a bullish outlook. A summary of the technical analysis recommends ‘buy’ at 11, while moving averages are also for buy at 9. Oscillators are aligning with neutrality at 7.

XRP technical analysis. Source: TradingView

XRP fundamentals

As things stand, the prospects of XRP are mainly tied to the ongoing case between Ripple and the Securities Exchange Commission (SEC) that’s entering its final judgment phase. Analysts opine that if Ripple wins the case, the matter might be a bullish sentiment for XRP and the overall cryptocurrency sector

At the same time, XRP will likely benefit as Ripple continues to roll out its payment services worldwide. Notably, the company maintains that despite legal uncertainties in the U.S., its recording increased opportunities in other jurisdictions.

Amid the legal tussle, XRP will likely get a boost if the token is relisted on major exchanges. Currently, the XRP community is pushing for the token’s relisting on Coinbase. It’s worth noting that the relisting remains a possibility considering Coinbase favors XRP after the trading platform submitted an amicus brief in support of Ripple in the ongoing 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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