Altcoin
XRP Price Prediction: Machine Learning Algorithm Reveals Where the Price Will Be in June
XRP is among the altcoins that continue to have a large following even after recording a disappointing performance in recent years. At the same time, expectations for the altcoin have fluctuated between bullish and bearish, especially in the long term. However, at least in the short term, CoinCodex’s machine learning algorithm predicts some level of bullishness for XRP.
XRP will rise 20% in June
As the month of May comes to a close and June approaches, there are different expectations for the cryptocurrency market and where it could go from here. For XRP, CoinCodex’s machine learning algorithm predicts that the month of June will be bullish for this.
The one-month forecast period on the website shows that the price would rise to $0.627709, and compared to the current price of XRP, this would mean a price increase of more than 20%. This prediction is followed by greed among investors despite the website showing that sentiment is turning bearish.
In the short term, the machine learning algorithm is equally bullish on the XRP price, predicting a notable price increase. This 5-day forecast range shows an increase of around 24% in the price of the altcoin, taking it up to $0.6448.
The machine learning algorithm shows that the overall sentiment of XRP from various indicators shows a bearish trend. However, it could present an opportunity for investors to get in before a surge, taking advantage of the popular investor belief of “Buy when there is blood on the streets.” Simply put, this means buying when other investors are bearish.
Getting a boost from Ripple’s CEO
One thing that continues to drive confidence in XRP is the expectation that the coin is next in value Spot ETF approved by the United States Securities and Exchange Commission (SEC). This comes after the Regulator Approved Spot Ethereum ETFsputting an end to the discussion of whether or not Ethereum qualifies as security.
Many in the industry believe that since Ethereum managed to get a Spot ETF approved, it is not out of the cards for XRP, which is currently battling with the regulator regarding its security status. However, Ripple CEO Brad Garlinghouse he said at the 2024 Consensus Conference who believes that three altcoins, Solana, XRP and Cardano could receive a ETFs approval by the SEC.
At the time of writing, the altcoin price is still struggling to break and turn the $0.52 resistance into support. It fell 2.47% last week to $0.518.
Token Price Struggles Against Bears | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com