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Machine learning algorithm sets XRP price for December 31, 2022

Machine learning algorithm sets XRP price of December 31, 2022

As the final month of 2022 gets underway, XRP is still among the top ten largest digital assets in the crypto industry by market capitalisation, despite the aftershocks caused by the collapse of what used to be one of the largest crypto exchanges in the world – FTX.

Currently, XRP is predicted to increase its value by the end of the year, as per PricePredictions’ machine-based algorithms taking into account technical indicators like the relative strength index (RSI), moving average convergence divergence (MACD), moving average (MA), average true range (ATR), and Bollinger Bands (BB).

According to this data, the market’s seventh biggest decentralized finance (DeFi) asset is set to trade at the price of $0.427 on December 31, 2022, which represents an increase of 8.73% compared to its price of $0.3924, as recorded at press time.

XRP 30-day forecast. Source: PricePredictions

It is also worth noting that the predictions of the machine-learning algorithms are close to the crypto community’s estimates that XRP would trade at an average price of $0.4155 by the end of the month, as aggregated from the votes of 1,733 users.

That said, taking into account TradingView’s technical analysis (TA) indicators on 1-day gauges, the sentiment is slightly on the bearish side, indicating ‘sell’ at 10. This summary is the result of oscillators pointing toward ‘neutral’ at 8 and moving averages suggesting ‘sell’ at 8.

XRP 1-day sentiment gauges. Source: TradingView

XRP price analysis

Meanwhile, the price of XRP is closely related to the developments surrounding the legal battle between the token’s issuer – Ripple Labs – and the United States Securities and Exchange Commission (SEC), which could soon come to an end with the anticipated summary judgement.

Indeed, XRP had rallied upon both sides filing their motions for a summary judgement, just like it later happened after the ruling on the handover of the Hinman documents and the approval of the amici briefs filings.

At the time of publication, XRP was changing hands at the price of $0.3924, demonstrating a 0.95% gain on the day as well as 3.53% across the week as it began to recover from the 20.88% loss on its monthly chart.

XRP 7-day price chart. Source: Finbold

As things stand, XRP’s market capitalization amounts to $19.72 billion, positioning it as the seventh largest cryptocurrency by this indicator, as per CoinMarketCap data retrieved by Finbold on December 5.

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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