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AI makes $XRP price prediction
The continuing legal conflict between Ripple Labs and the Securities and Exchange Commission (SEC) prevented XRP from taking advantage of the 2024 cryptocurrency market boom. Despite many breakout attempts, XRP was unable to achieve considerable increase due to regulatory pressure.
Today, April 18, XRP is trading at around $0.494, a gain of about 0.47% from the previous day.
Nevertheless, this little advantage is nullified by the fact that the token's market cap has dropped significantly over the last week, dropping from over $33 billion to below $28 billion, a 19.01% decline in price.
At the time of publishing, the token's market capitalization reached $27.270 billion, thanks to the recent decline.
In the meanwhile, on April 17, the cryptocurrency specialist going by the name of CoinsKid voiced his gloomy opinion on XRP.
According to the analyst, XRP's recent price action indicates a failed bullish breakout leading into a possible substantial decline. The analyst presents evidence of a bearish outlook by noting that XRP did not reach a new price peak during the attempted upswing and that it did not reach a new price bottom during the recent dip.
Important XRP price levels to keep an eye on
At this juncture, when XRP is trading around important support and resistance levels, the situation is pivotal. At $0.438 you may find the nearest support, while at $0.550 you can find a more hopeful resistance.
Models generated by AI systems indicate that XRP will likely have a negative trend over the long run, with a price goal of $0.432 by May 1 and a forecast decline of 12.55%.
Machine learning algorithms have identified a negative trend in the near future, suggesting that there may be a little uptick in the next hours.
