After the United States Securities and Exchange Commission (SEC) reignited the legal fight against blockchain company Ripple over its sales of XRP (XRP) with an appeal to a key ruling, many are wondering about the token’s future and artificial intelligence (AI) algorithms are not optimistic.
Indeed, the SEC’s legal team has filed a Notice of Appeal of District Judge Analisa Torres’s final ruling from August 7, 2024, which orders Ripple to pay a $125 million penalty for selling XRP to institutional buyers instead of the $2 billion demanded by the SEC, as Finbold reported on October 3.
AI’s XRP prediction
In this context, Finbold consulted the advanced AI algorithm over at the cryptocurrency monitoring and forecasting platform PricePredictions for the price of XRP on October 31, 2024, and it has set it at $0.488745, predicting further declines by the end of the month.
XRP forecast 30-day chart. Source: PricePredictions
Should the algorithm’s predictions, which draw upon the digital asset’s technical indicators like relative strength index (RSI), Bollinger Bands (BB), moving average convergence divergence (MACD), and others, prove correct, it would result in a 6.78% decline from XRP’s current price.
Experts’ XRP price prediction
Meanwhile, crypto experts like Dark Defender believe that the recent SEC appeal will not affect the price of XRP in the longer term, arguing it is a “pure blunder and will separate the 1% from the entire population with a poor mindset” after earlier observing XRP’s bounceback from a high of $0.6655.
XRP price performance analysis. Source: Dark Defender
At the same time, another crypto analyst, Charting Guy, highlighted that XRP had broken the 3.5-year downtrend and confirmed it with the daily and weekly close on September 29, as well as adding that it might have broken the “full 7-year downtrend too” but noting that he was waiting for more confirmation.
XRP price performance analysis. Source: Charting Guy
XRP price analysis
For the time being, XRP is changing hands at the price of $0.5243, reflecting a drop of 11.71% in the last 24 hours, adding up to the 11.15% decline across the previous seven days, as well as accumulating a drop of 8.53% over the past month, as per the most recent chart information.
XRP price 7-day chart. Source: Finbold
So, why is the price of XRP going down today? Notably, the significant dip in XRP’s price could, indeed, be the reaction to the recent development in the Ripple v. SEC case. However, another reason could be the upcoming unlock of another 1 billion XRP from Ripple’s distribution escrows.
On the other hand, a potential approval of the XRP exchange-traded product (ETP) filed recently by Bitwise might turn the tables in the token’s favor and bring about the necessary relief for the price of the currently seventh-largest asset in the crypto industry by market capitalization.
All things considered, the AI algorithms do not seem overly optimistic regarding XRP’s near-term price, but it is important to remember that they are only algorithms, which is why doing one’s own research is critical when investing significant amounts of money in any asset.
The post AI predicts XRP price for October 31, 2024 appeared first on Finbold.