Altcoins
XRP Price Prediction: Machine Learning Algorithm Reveals Where The Price Will Be In June
XRP is among the altcoins that continue to gain a large following even after experiencing poor performance over the past few 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 optimism for XRP.
XRP to jump 20% in June
As May draws to a close and June approaches, expectations vary about the crypto market and where it might go from here. For XRP, the CoinCodex machine learning algorithm predicted that the month of June will be bullish for him.
The one-month forecast time frame on the website shows that the price would increase up 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 investor greed, even though the website shows sentiment turning bearish.
In the shorter term, the machine learning algorithm is equally optimistic about the price of XRP, expecting the price to rise significantly. This 5-day forecast time frame shows an increase of around 24% in the altcoin’s price, taking it to $0.6448.
The machine learning algorithm shows that the overall XRP sentiment from various indicators is bearish. However, this could present an opportunity for investors to step in before a surge, taking advantage of the popular investing belief of “buying when there is blood in the streets.” In simple terms, this means buying when other investors are bearish.
Getting a boost from Ripple’s CEO
One thing that continues to drive belief in XRP is the expectation that the coin will be next to achieve a price. Approval of spot ETFs of the United States Securities and Exchange Commission (SEC). This comes after the Spot Ethereum ETFs approved by the regulatorending the argument of whether or not Ethereum qualifies as a security.
Many in the space believe that since Ethereum was able to gain approval for a Spot ETF, it is not out of reach for XRP, which is currently battling the regulator over its security status. However, Brad Garlinghouse, CEO of Ripple, said at the Consensus 2024 conference that he thinks three altcoins, Solana, XRP and Cardano could receive a ETFs SEC approval.
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% over the past week to trade at $0.518.
Featured image created with Dall.E, chart from Tradingview.com