XRP The coin’s prolonged stagnation has created great disappointment within the community. Many attribute a significant part of this underperformance to the ongoing legal battle between Ripple and the SEC.
There have been brief fluctuations during recent market rallies. However, the price of XRP has generally moved minimally over the last four years.
However, many in the community remain hopeful for a revival. To find out if XRP has a chance, PricePredictions, a platform that uses AI-powered machine learning algorithms for cryptocurrency predictions, was asked for its predictions.
XRP Price Trajectory for April
As Koinfinans.com reported, the PricePredictions algorithm has historically cryptocurrency It paints a somewhat contrasting picture compared to the broader market sentiment surrounding the upcoming Bitcoin halving, an event associated with a bullish wave effect in the market.
In this case, the AI believes that XRP will fall from its current price of $0.5907 to $0.546032 by April 30.
Moreover, forecasts reveal that this downward trend will continue in May and a slight recovery is predicted for the second day of the month. However, some optimism emerges at the end point of the forecast on May 5, indicating a potential upside.
While these predictions come from a reputable source, some developments could help counter the decline. Ripple’s entry into the stablecoin market, which is projected to launch in late 2024, and the renewal of the XRP Ledger (XRPL) could increase bullish sentiment and help the XRP coin rise.
Long-Term Bullish Signs and Short-Term Bear Market
Technical signs are currently showing bearish signals for XRP. According to data from TradingView, oscillators are showing neutral readings and XRP’s Moving Averages (MA) are showing a strong sell signal. TradingView supports the short-term bearish view by giving XRP an overall sell rating.
However, XRP’s technical outlook is becoming increasingly optimistic when considering long-term projections. While weekly price movements maintain an overall sell rating with a shift towards sell at the MAs, the monthly chart shows a significant shift towards a buy recommendation.
The future of XRP is sending mixed signals. While a short-term decline is expected, the likelihood of future events and long-term technical indicators suggest there is potential for a reversal.
Meanwhile, a leading Bitcoin pundit recently predicted a 942% surge for XRP, and the digital asset is showing signs that it may soon reverse its short-term woes.
