Machine learning algorithm sets XRP price for September 30, 2023
The valuation of XRP underwent a substantial uplift subsequent to the groundbreaking ruling that classified the token as non-security, concluding the protracted legal dispute involving its parent entity, Ripple , and the U.S. Securities and Exchange Commission (SEC).
In a seminal judgment, a U.S. court ruled in favor of Ripple, determining that the company had not violated federal securities regulations in its sale of XRP tokens across public exchanges. This pivotal ruling propelled the cryptocurrency’s value skyward by nearly 50%. However, in a subsequent turn of events, XRP relinquished all those accrued gains. This retracement coincided with a depreciation in Bitcoin’s value, which plummeted from $31,000 to hover as low as $25,000 at one point.
As the outlook for XRP remains dynamic, especially with Ripple and the SEC poised to reenter the legal arena in 2024 due to the regulator’s appeal of the initial verdict, Finbold sought additional perspectives. We engaged PricePredictions.com, a widely-utilized platform fortified with robust machine learning algorithms, to gain further insights into the potential trajectory of XRP’s value in the immediate term, particularly as September draws to a close.
According to the tool’s predictions, XRP is projected to trade at $0.52 on September 30, 2023, according to the information retrieved by Finbold on August 31. The forecasts suggest a slight upside compared to the cryptocurrency’s current price at the time of publication.
The XRP price prediction is based on algorithms’ detailed analysis of popular technical analysis (TA) indicators, such as average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), and relative strength index (RSI), among others.
XRP price analysis
Presently, XRP is positioned at a trading value of $0.5245. While it has experienced a minor decline of 1.07% within the past day, it has demonstrated a slight ascension of 0.30% over the preceding week.
Notably, the token finds robust support at the $0.49418 mark, complemented by a notable resistance level at $0.55777.
In terms of market valuation, XRP presently commands a market capitalization of $27.7 billion as of August 31st. This figure contrasts the peak valuation of $43.12 billion attained on July 20th, an ascension closely linked to Ripple’s favorable outcome in the SEC court case.
This legal victory served as a pivotal catalyst in bolstering XRP’s market standing.
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