The legal dispute between Ripple and the Securities and Exchange Commission (SEC) has approached a decisive stage, and all sides are now waiting for the date of the ultimate ruling, which is still unknown, with investors avidly monitoring for court updates to see how the lawsuit will transpire.
XRP is likely to be among the first tokens to feel the effects of the case’s settlement, with a possible price gain if the case is decided in Ripple’s favor. As a result, XRP is one token that many investors could be keeping an eye on ahead of this Valentine’s Day after a 2022 study revealed crypto investors to be perceived as “more attractive, smarter, and wealthier than non-investors,” if they are anticipating future gains.
Finbold has analyzed the future potential performance of XRP in 2023 using artificial intelligence (AI) forecasts in celebration of Valentine’s Day. Notably, the machine learning algorithms at the crypto monitoring platform PricePredictions have projected the price of XRP will trade at $0.421 on February 14, 2023, according to the data retrieved on January 27.
The AI aggregates the technical analysis (TA) indicators, including moving averages (MA), the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more to come to the price estimate.
XRP technical analysis
Meanwhile, in terms of the sentiment on TradingView’s technical analysis indicators on 1-day gauges, it is rather bullish, with the summary pointing at a ‘buy’ at 13, as summarized from oscillators being in the ‘neutral’ zone at 9, and moving averages suggesting ‘buy’ at 12.
As things stand, XRP is changing hands at $0.41, down 6.07% in the last 24 hours and down a further 10.17% across the previous seven days.
Notably, bulls are keeping a close eye on XRP for a breakout amid the token’s lengthy consolidation phase. The price standstill might have been caused by market players who anticipate XRP would fall in value, resulting in large-scale dumping of the token.
XRP, on the other hand, seems to have reacted to this effort by generating significant demand for the currency, and buyers are prepared to absorb big sell orders. This might indicate that XRP is on the verge of a price breakthrough in the coming days.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read More: AI sets XRP price for Valentine’s Day 2023