Over the past few days, the impressive market movements of most cryptocurrencies have been closely monitored by the crypto community. There may still be a ray of hope in the crypto space following the Fed meeting. However, XRP has continued to exhibit negative movements, making it one of the most affected cryptocurrencies. At some points, the price of the cryptocurrency even dropped below $0.5.
The ongoing legal battle between Ripple and the US SEC continues to worry investors, and it is worth mentioning. After the approval of the SEC’s appeal request, both parties may have to go to court at least once more. The possible rejection of the temporary appeal application can also be seen as a potential trigger for XRP price increase.
Data obtained from machine learning algorithm models predict that the price of XRP will be $0.516146 by October 1st, 2023. Considering the current XRP price in the market, the prediction suggests that XRP will continue to trade at $0.51 on the first day of October.
At the time of writing this article, data for XRP revealed that the token was trading at $0.518932. The total market value was $27,612,109,407, and the 24-hour trading volume was $876,317,863. If the price prediction of machine learning algorithm models is realized, it means that there may not be a significant change in the price of the cryptocurrency until October 1st.
A positive court hearing for Ripple is likely to shift the indicator towards the buying zone and trigger an upward movement in the price. Conversely, if court hearings do not result in favor of Ripple, the opposite scenario may occur, and the price could plummet sharply. It is advisable to wait for the court’s decision to see how events unfold.