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Machine learning algorithm sets XRP price for October 1, 2023

Machine learning algorithm sets XRP price for October 1, 2023

With the start of the new week, optimism has returned to the cryptocurrency industry, demonstrated in price increases by most digital assets, including XRP, and machine learning algorithms predict further advances in its price in the next several weeks.

Indeed, the machine algorithms deployed by the cryptocurrency monitoring and forecasting platform PricePredictions have projected that the XRP token would be changing hands at the price of $0.516146 by October 1, 2023, according to the latest data retrieved on September 19.

XRP 30-day price forecast. Source: PricePredictions

In other words, this means that if the above projection, based on indicators that include moving average convergence divergence (MACD), average true range (ATR), relative strength index (RSI), Bollinger Bands (BB), and others, is correct, it would equal a price increase of 1.304% to XRP’s current state.

XRP price analysis

As things stand, XRP is presently trading at the price of $0.5095, which represents a 2.38% gain in the last 24 hours, as well as an increase of 8.02% across the previous seven days while still holding onto the monthly loss of 4.48%, as the most recent charts indicate.

XRP 7-day price chart. Source: Finbold

At the same time, the sentiment around XRP on the 1-month gauges featured by the crypto and finance analytics website TradingView is bullish, suggesting a ‘buy’ at 8, as summarized from oscillators pointing at a ‘buy’ at 3, and moving averages (MA) in the ‘neutral’ zone at 1.

XRP 1-month sentiment gauges. Source: TradingView

Meanwhile, the price of XRP is heavily influenced by the developments surrounding the legal standoff between the United States Securities and Exchange Commission (SEC) and Ripple, which means that any positive news could move the needle further into the ‘buy’ zone, whereas points for the regulator could exercise strong selling pressure.

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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