XRP is among the altcoins that continue to command a large following even after putting on a poor performance for the last few years. At the same time, expectations for the altcoin have fluctuated between bullish and bearish, especially in the long term. However, in the short term at least, the machine learning algorithm at CoinCodex predicts some level of bullishness for XRP.
XRP To Jump 20% In June
As the month of May draws to an end and June swims into view, there are varying expectations for the crypto market and where it could go from here. For XRP, the CoinCodex machine learning algorithm predicts that the month of June will be bullish for it.
The one-month prediction timeframe on the website shows that the price would rise as high as $0.627709, and from the current price of XRP, this would mean an over 20% increase in price. This prediction is followed by greed among investors despite the website showing that sentiment is turning bearish.
In the shorter term, the machine learning algorithm is just as bullish on the XRP price, expecting a major jump in price. This 5-day prediction timeframe shows an approximately 24% increase in the price of the altcoin, putting it as high as $0.6448.
The machine learning algorithm shows that general XRP sentiment from various indicators shows bearishness. However, it could present an opportunity for investors to get in before a surge, taking advantage of the popular investing belief to “Buy when there is blood in the streets.” Simply put, this means buying when other investors are bearish.
Getting A Boost From Ripple CEO
One thing that continues to drive the belief in XRP is the expectation that the coin is next in line to get a Spot ETF approval from the United States Securities and Exchange Commission (SEC). This comes after the regulator approved Spot Ethereum ETFs, putting an end to the argument of whether Ethereum qualifies as a security or not.
Many in the space believe that since Ethereum was able to get a Spot ETF approval, it is not out of the cards for XRP, which is currently battling the regulator regarding its security status. However, Ripple CEO Brad Garlinghouse said at the Consensus 2024 Conference that he believes three altcoins, Solana, XRP, and Cardano could receive an ETF approval from the SEC.
At the time of writing, the altcoin’s price is still struggling to break and turn the $0.52 resistance into support. It has fallen 2.47% in the past week to trade at $0.518.
Featured image created with Dall.E, chart from Tradingview.com
