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Recently, like most altcoins, the price of XRP has come under selling pressure. Machine learning and artificial intelligence models predict this weakness for the popular altcoin may continue in the coming weeks.
July’s Rise Was Unsustainable
XRP recorded a remarkable 35% price increase in July thanks to high on-chain activities such as large whale transactions and significant network growth. The sixth largest altcoin by market cap could not sustain this momentum due to the overall market selling pressure.
Advanced artificial intelligence and machine learning algorithms used by the crypto market prediction platform PricePredictions indicate that XRP’s price could drop to $0.560463 by the end of this month. This forecast, which takes into account important technical analysis indicators such as the Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and Bollinger Bands (BB), suggests that XRP could trade at a price 1.96% lower than its current state.
Long-Term XRP Price Analysis
At the time of writing, XRP’s price is trading at $0.57168. This price level corresponds to a 6.63% drop in the last 24 hours, a 4.48% drop in the last seven days, and a 20.28% increase in the last month.
Looking at long-term forecasts for XRP, crypto trading expert Ali Martinez believes that the altcoin’s technical indicators point to an upward trend towards the $1 level by the end of the year. However, this prediction may only be valid if it manages to break out of the symmetrical triangle formation it has been consolidating in for years.
Another crypto analyst, CoinsKid, also noted that XRP looks good from the green line buying zone but emphasized that one should not get too excited until higher highs and lower lows are formed.
