The conclusion of the public dispute between Ripple Labs and the United States Securities and Exchange Commission (SEC) is nearing. Investors expect a favorable ruling in the case against the financial regulator to have a big influence on prices. XRP in the near future.
Artificial Intelligence (AI) has been in the spotlight recently thanks to tools like OpenAI’s ChatGPT, and investors are now turning to deep learning algorithms to help predict the direction of cryptocurrency prices.
Price estimates In particular, the machine learning algorithm predicts that XRP will continue its positive trend from January to the end of February. According to the data, The token’s value will rise to $0.405 on February 28 before rising again in March.
Artificial intelligence forecasts are Bollinger Bands (BB); moving average (MA); moving average convergence divergence (MACD); Technical indicators such as relative strength index (RSI) and others are used. The price estimate represents a 0.87% increase over the price of the token at the time of publication.
XRP Price Analysis
XRP is currently trading at $0.4019, down 0.24% in the last 24 hours and down another 4.76% last week. As things are, XRP has a prominent support level around $0.36503, At that time, The first resistance zone is $0.42611.
Bulls are keeping a close eye on XRP for a breakthrough during the token’s long rally. Market participants who believe the value of XRP will fall may be responsible for the recent price stability, with large dumping of the token.
XRP, on the other hand, seems to be responding to this effort by creating massive demand for the currency, with buyers willing to absorb large sell orders.
XRP technical analysis on TradingView is mixed with a summary of ‘Buy’ sentiment at 13, while moving averages are for ‘Strong Buy’ at 13. Oscillators are indicating ‘neutral’ with 8.
At the same time, As the judgment is not yet known, Legal experts are still speculating on the potential outcome of the case and its impact on the cryptocurrency industry.
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