As the majority of assets in the cryptocurrency market have entered into a bearish phase, things are looking bleak for XRP (XRP) as well, with machine learning and artificial intelligence (AI) algorithms predicting that its troubles will not end in the next several weeks.
Indeed, XRP has been in the red on all of its observed charts, even though some crypto trading experts, like the pseudonymous Egrag Crypto, still cling to hope, arguing that the current period of bearish price performance is nothing more than a “natural” consolidation zone.
XRP price prediction
With this in mind, Finbold has consulted the advanced AI algorithm deployed by the crypto monitoring and forecasting platform PricePredictions, and it currently projects that XRP will continue to decline toward the end of this month, setting its price at $0.379972 by July 31, 2024.
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In other words, if the AI’s predictions, relying on a combination of technical analysis (TA) indicators, like moving average convergence divergence (MACD), average true range (ATR), Bollinger Bands (BB), and others, turn out to be correct, it would represent a decline of 15.37% from XRP’s current price.
Ripple news effect on XRP
Meanwhile, related Ripple news, like the performance in its legal fight against the United States Securities and Exchange Commission (SEC), could have an effect on the XRP token at the center of this courtroom standoff as both sides throw motions and notices at each other and the court.
Specifically, in the most recent developments, the blockchain company has filed a notice of supplemental authority regarding the recent decision in the SEC’s case against one of the largest crypto exchanges in the world, Binance, in which the court observed problems with the regulatory agency’s current practices.
In response, the SEC referred to the Binance decision as “wholly irrelevant to the pending motion on remedies,” according to the court document shared by a defense attorney, former federal prosecutor, and popular commentator on the case, James K. Filan, in an X post on July 3.
Furthermore, the securities watchdog has argued that the decision in question “says nothing at all about Ripple’s conduct or the remedies that are proper for the violations this Court found,” adding that:
“More importantly, Ripple’s latest letter entirely omits (…) the portion of the ruling rejecting – like this Court did – the argument that the fair notice doctrine provides a defense to liability.”
XRP price analysis
For now, the currently seventh-largest asset in the crypto sector by market capitalization is changing hands at the price of $0.449, recording a 6.79% drop in the last 24 hours, declining 4.49% across the previous seven days, and adding up to the loss of 13.42% on its monthly chart, as per data on July 4.
All things considered, XRP could continue to drop towards the price target set by the advanced AI algorithms, especially if it doesn’t receive any positive triggers like the possible end of Ripple’s legal saga in the blockchain company’s favor. That said, trends could easily change, so doing one’s own research is critical.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
