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As cryptocurrencies continue to experience a significant decline, attention has turned to the market’s high-volume coins. Among these, analysts are divided on XRP. Some are pessimistic about the price, suggesting that the existing correlation with BTC’s decline will drag the price down, while analysts like EGRAG argue that the current situation is merely a consolidation period.
What Will XRP’s Price Be?
In recent times, artificial intelligence has continued to draw attention with its predictions in the cryptocurrency market. An AI algorithm used by a cryptocurrency prediction platform has made a significant price prediction, causing concern. The AI predicted that the decline in XRP would continue, with the price falling to $0.379972 by July 31, 2024.
If this prediction comes true, XRP will have experienced a 15.37% drop from its current price. As of the time of writing, XRP is priced at $0.4417.
Meanwhile, the ongoing uncertainty between Ripple and the SEC continues to exert significant pressure on XRP. Both Ripple and the SEC are continuously submitting new information and documents to the court in an effort to gain an advantageous position.
The long-standing lawsuit is believed to have a substantial impact on XRP’s price, and it is thought that a potential victory for Ripple could propel XRP to new highs. However, it remains uncertain when Ripple might return to the $1 level. The fact that XRP did not approach this level even during the massive rally in March creates a sense of unease among investors.
What Is XRP’s Current Price?
As of the time of writing, XRP is trading at around $0.4417 after a 5% drop in the last 24 hours. This situation is supported by a 7% decline over the past seven days. Looking at the last 30 days, XRP has fallen by 16%.
XRP’s market cap, after all these declines, stands at $24.5 billion, positioning it 7th in market cap rankings. Excluding stablecoins, XRP continues to follow SOL, but the gap between them is widening.
XRP’s 24-hour trading volume reflects an increase. Following a 37.6% rise in 24 hours, the value reached $1.5 billion.
