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Machine learning algorithm sets XRP price for October 31, 2023

Machine learning algorithm sets XRP price for October 31, 2023

In a pivotal turn of events for Ripple, the U.S. Securities and Exchange Commission (SEC) has faced a setback as its appeal, alleging the illicit sale of securities by the company, has been dismissed. This development wielded immediate repercussions on the valuation of XRP.

The judicial favor bestowed upon Ripple unquestionably functioned as a catalyst for the fluctuation in XRP’s market value. Nonetheless, it is imperative for traders and investors to approach the situation judiciously. Despite the cryptocurrency surpassing the $0.52 resistance threshold and maintaining a position above the 50-day Exponential Moving Average (EMA), it’s premature to categorize this as a definitive breakthrough.

Concurrently, in sync with the recent proceedings, U.S. District Judge Analisa Torres rejected the SEC’s bid to appeal a segment of her earlier decision in the high-profile lawsuit against Ripple Labs. Simultaneously, Ripple achieved a significant milestone by securing a cryptocurrency license in Singapore, solidifying its strategic move into the Asia-Pacific (APAC) region.

An investigative foray conducted by Finbold on October 5 delved into the utilization of machine learning algorithms by PricePredictions, a cryptocurrency monitoring and prediction platform. The objective was to gauge the potential trajectory of XRP’s price by the end of October, taking into account the judicial ruling and Ripple’s attainment of a payments license in Singapore.

The prediction which is gathered by using several key technical indicators, including the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more, projects an increase to $0.550420 by October 31.

XRP October 31 price forecast. Source: PricePredictions

XRP price analysis

Chart analysis of XRP reveals its sustained position above the 50-day and 200-day EMAs, affirming bullish market signals. A breakthrough beyond the trend line and the resistance level at $0.5470 could empower the bulls to challenge the $0.5835 resistance level.

XRP 1-day price chart. Source: Finbold

However, caution is warranted, as selling pressure is anticipated to intensify at the $0.5835 mark, coinciding with the trend line.

Ongoing updates from the SEC vs. Ripple and Coinbase legal battles are poised to sway investor sentiment. A favorable ruling by Judge Failla in the Coinbase Motion to Dismiss (MTD) could prove advantageous not only for XRP but also for the broader cryptocurrency market.

Conversely, a dip below the 50-day and 200-day EMAs would bring the $0.5042 support level into play, signaling a potential shift in the prevailing market dynamics.

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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