According to a price forecast, XRP could fall by $ 0.459 by July 31, 2023, while the Ripple process creates uncertainty

According to a price forecast, XRP could fall by $ 0.459 by July 31, 2023, while the Ripple process creates uncertainty

algorithm for machine learning places the XRP price for July 31, 2023

Although the wider market benefits from Bitcoin (BTC) price increase and the $ 31,000 brand has recaptured, XRP is fighting to recapture the $ 0.50 threshold. Investors are excited about the next catalyst, which could drive XRP, especially since the ongoing legal dispute between Ripple and the US Securities Exchange Commission (SEC) increases the prevailing uncertainty on the market.

Adding a differentiated perspective, price forecasts, a well-known crypto tracking and analysis platform, has used advanced algorithms for machine learning to create a price forecast for XRP. According to the forecast, XRP is expected to achieve $ 0.459 until July 31, 2023. This estimate indicates a decline compared to the current price, as can be seen from the latest data of July 6th, as reported by Coinphony.

In order to achieve the forecast, the algorithm for machine learning is based on the comprehensive analysis of several technical analysis (TA), including sliding average convergence divergence (MACD), average true reach (ATR), Bollinger ligaments (BB) and relative strength of strength (RSI). ), and others.

currently XRP has a trading price of $ 0.479, which reflects a delicate market situation. The level of support is estimated at $ 0.44948, which indicates a threshold that could prevent a further downward movement. On the other hand, the level of resistance is $ 0.5054, which represents a significant hurdle that the price may be difficult to overcome.

As far as the technical indicators are concerned, XRP is currently being traded above the simple, sliding 200-day average, which indicates a positive trend on the market. In addition, at 17 days on 17 consecutive days, XRP has increased price increases, which makes about 57 % of the observed period. If you look at a larger time frame, XRP showed a commendable performance last year. Its price rose by 49 % during this period and thus exceeded a considerable 83 % of the top 100 cryptocurrencies on the market.

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Source: Coinphony