As September gets close to its end, preparations for the celebration of Halloween begin, but cryptocurrency traders are focusing more on the trends and predictions in the crypto industry, which currently indicate that XRP could close the month of October on a more positive note.
Indeed, as the majority of assets in the cryptocurrency market return to the sideways trading pattern, XRP is no exception, but machine learning (ML) algorithms suggest that there is a strong chance for the token to be trading at a slightly higher price than at press time – on September 27.
What machine algorithms say
Specifically, the self-learning machine algorithm deployed by the crypto tracking platform CoinCodex indicates that the XRP token could increase its price by 2.3144% by Halloween and end up changing hands at $0.517442 on October 31, 2023.
Previous Halloween trends
As for the price of XRP on Halloween in previous years, the situation is not as consistent, so it is difficult to draw any clear conclusions from its chart patterns. Namely, between Halloween 2016 and 2017, XRP has grown its price by 2,356.1%, rising from $0.0082 to $0.2014. On Halloween 2018, it traded at $0.4616, gaining 129.2% since the year before.
However, Halloween 2019 took a completely different turn as XRP recorded a price of $0.296 or 35.88% less than in 2018, and 2020 All Hallows’ Eve was even lower for XRP – $0.2459, which represented a decline of 16.93% from the price recorded on October 31, 2019.
On the other hand, 2021 was a particularly bullish year for XRP, as it marked the price of $1.059 on October 31, an increase of as much as 330.66% from the previous Halloween, but going back to $0.4584 on Halloween 2022, which was a decrease of 56.71%, as data suggests.
XRP price analysis
Meanwhile, XRP was, at the time of publication, changing hands at the price of $0.505737, which represents a 1.04% gain in the last 24 hours but still a 1.43% decline across the previous seven days and a loss of 2.74% on its monthly chart, as per the information retrieved on September 27.
All things considered, whether XRP manages to meet the expectations of machine algorithms or remains fickle with its price this Halloween will depend on many factors, including the developments surrounding the legal standoff between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.