Machine learning algorithm sets XRP price for August 2023

XRP has surged to fresh heights in recent weeks, embarking on a powerful price rally. The catalyst behind this remarkable upswing was a legal triumph secured by Ripple Labs against the U.S. Securities and Exchange Commission (SEC) earlier this month.

In particular, a US court ruled that Ripple did not breach federal securities laws by selling XPR tokens on public exchanges, a landmark decision that sent the crypto token’s price soaring by nearly 50% over the past two weeks.

Seeking further insights into this remarkable run, Finbold tapped the widely-used price prediction tool on PricePredictions.com, powered by powerful machine learning algorithms.  

Notably, according to the tool’s predictions, XRP is projected to trade at $0.71 on August 26, 2023, according to the information retrieved by Finbold on July 26. The forecasts suggest a slight upside of around 1.5%, compared to the cryptocurrency’s current price. 

The price prediction is based on algorithms’ detailed analysis of popular technical analysis (TA) indicators, such as average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), and relative strength index (RSI), among others.

XRP price analysis

At the time of writing, XRP was trading 1.76% higher on the day, at $0.70 apiece. 

Over the past week, the crypto asset lost nearly 12% of its value, although its monthly gains remain strong at over 45%. During this 30-day period, XRP’s market cap rose by almost $12 billion, even though the cryptocurrency experienced only 14 green days. 

The aforementioned Ripple Labs’ triumph against the SEC sparked significant interest in XRP, making it the most actively traded altcoin in 2023. With over $150 million in trading volume, XRP is at the forefront of the altcoin market, ahead of Solana (SOL), Dogecoin (DOGE), Binance Coin (BNB), and Polygon (MATIC). 

In spite of its recent gains, XRP remains far below its all-time high of $3.92 it reached in January 2018, at -82%. 

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