Recently, XRP, like many other altcoins, has been experiencing significant selling pressure. Predictions from machine learning and artificial intelligence models suggest this trend may persist for the popular altcoin in the coming weeks.
Why Was July’s Surge Unsustainable?
In July, XRP saw a notable 35% price increase due to heightened on-chain activities, including large whale transactions and substantial network growth. However, this upward momentum proved unsustainable as broader market selling pressures took hold, curbing the altcoin’s ascent.
What Does Long-Term Analysis Reveal?
Currently, XRP is trading at $0.57168, reflecting a 6.63% decline in the past 24 hours, a 4.48% drop over the last week, and a 20.28% gain for the month. PricePredictions’ advanced AI and machine learning algorithms forecast a further decline to $0.560463 by month’s end, factoring in key technical indicators like the Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and Bollinger Bands (BB).
Key Inferences for Traders
Traders can draw several actionable insights from the current analysis:
- Monitor the $0.560463 level for potential buying opportunities.
- Consider the impact of market-wide selling pressures on altcoin investments.
- Watch for the symmetrical triangle breakout for long-term bullish signals.
Ali Martinez, a crypto trading expert, suggests that XRP’s technical indicators point towards a potential rise to $1 by year-end, assuming it can break out of its long-standing symmetrical triangle formation. Another analyst, CoinsKid, advises caution, emphasizing the need for higher highs and lower lows before getting overly optimistic.