AI predicts XRP price for May 31, 2024
With the larger part of the cryptocurrency sector continuing to trade in the red, XRP is not an exception, recording declines on all of its observed charts and losing the support area at $0.50, and artificial intelligence (AI) algorithms see no end to its troubles by the end of the next month.
Indeed, XRP has continued this year’s losing streak, declining over 20% since the year’s turn despite positive developments like Ripple launching its own stablecoin to compete with Tether (USDT) and Circle, the issuer of USD Coin (USDC), as well as forming a strategic alliance in Japan with HashKey DX.
XRP price prediction
Considering such a context, it is hardly a surprise that advanced algorithms deployed by crypto monitoring platform PricePredictions are pessimistic, setting the XRP price to hit a low target of $0.479024 by May 31, 2024, according to the data obtained by Finbold on April 30.
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Specifically, such a price change would indicate a loss of 3.27% to XRP’s situation at press time, provided that the projections, which rely on technical Analysis (TA) indicators like relative strength index (RSI), Bollinger Bands (BB), moving weighted average (MWA), and others, come true.
XRP price analysis
Currently, XRP is trading at the price of $0.49522, demonstrating a drop of 3.41% on the day while also losing 10.16% across the past week and dipping a more significant 20.43% in the last month, according to the most recent chart data retrieved on April 30.
Meanwhile, pseudonymous crypto trading analyst Dark Defender has recently noted that XRP was “on the verge of a huge leap” to $1.88, taking into account its previous behavior, although he hasn’t excluded the chance of breaking lower if it drops further toward the major support level of $0.4623.
Earlier, this crypto expert also observed that XRP was exhibiting a trading pattern reminiscent of its behavior between 2013 and 2017 that preceded a substantial uptrend in XRP’s value, potentially leading it to a market capitalization of $50 billion in May.
All things considered, XRP might continue to decline in line with the AI algorithm’s projections, although some experts clearly see a recovery when zooming out, highlighting the importance of doing one’s own in-depth research before investing in any asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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