While most of the cryptocurrency industry is in decline, XRP coin also exhibits similar performances. XRP is recording declines on all observed charts and is losing the support area at $0.50. Additionally, artificial intelligence (AI) algorithms are of the opinion that their problems will not be over until the end of next month.
Indeed, XRP is down 20% year-to-date despite positive developments such as Ripple launching its own stablecoin to compete with Tether (USDT) and USD Coin (USDC) issuer Circle and forming a strategic alliance with HashKey DX in Japan. It continued its losing streak this year by recording a decrease of over .
XRP Price Prediction
Given such a context, it is also no surprise that advanced algorithms used by crypto tracking platform PricePredictions are pessimistic, predicting the XRP price to hit a low target of $0.479024 by May 31, 2024, according to the data.
Specifically, such a price change would be 3% compared to XRP at press time if predictions based on technical analysis (TA) indicators such as relative strength index (RSI), Bollinger Bands (BB), moving weighted average (MWA) and others come true. It would mean a loss of .27.
XRP Coin Price Analysis
Currently, XRP coin is trading at $0.49522. Additionally, according to the latest chart data taken on April 30, it showed a decrease of 3.41% during the day. On the other hand, it lost 10.16% in value over the past week and experienced a more significant decline of 20.43% in the last month.
Meanwhile, analyst Dark Defender recently noted that XRP is “on the verge of a big bounce” to $1.88 considering its previous behavior, but did not rule out the chance of breaking lower if it falls further towards the major support level at $0.4623.
Previously this crypto expert, altcoinHe observed that XRP exhibited a trading pattern reminiscent of its behavior between 2013 and 2017, and that this preceded a significant upward trend in the value of XRP, potentially reaching a market cap of $50 billion in May.
All things considered, XRP may continue to fall in line with the AI algorithm’s predictions. But some experts clearly see a recovery and emphasize the importance of doing one’s own in-depth research before investing in any asset
