XRP is one of the altcoins that still attracts a lot of support after the lackluster performance of the past few years. At the same time, expectations for this altcoin fluctuate between bullish and bearish, especially in the long term. However, at least in the short term, CoinCodex's machine learning algorithm predicts that XRP will be somewhat bullish.
XRP Rise 20% in June
As May draws to a close and June comes into sight, various predictions are emerging about the cryptocurrency market and where it will go from here. For XRP, CoinCodex's machine learning algorithm predicts a bull run in June.
The website's one-month forecast horizon indicates that the price will rise to $0.627709, which would represent a rise of over 20% from XRP's current price. Despite the website indicating that sentiment is turning bearish, investors remain greedy for this forecast.
In the short term, the machine learning algorithm is similarly bullish on XRP price, predicting a significant price increase. The five-day forecast period shows the altcoin's price increasing by around 24%, reaching $0.6448.
Machine learning algorithms show that the general sentiment for XRP is bearish from a variety of indicators. However, this could be an opportunity for investors to get in before a surge and take advantage of the common investment idea of ”buy when the blood is flowing.” In simple terms, this means buying when other investors are bearish.
Support from Ripple CEO
One factor continuing to bolster confidence in XRP is the expectation that the coin will next gain spot ETF approval from the U.S. Securities and Exchange Commission (SEC). This comes on the heels of the regulator approving a spot Ethereum ETF, putting an end to the debate over whether Ethereum qualifies as a security.
Many industry observers believe that since Ethereum was able to gain spot ETF approval, it is not impossible for XRP, which is currently battling with regulators over its security status, to do so as well. However, Ripple CEO Brad Garlinghouse said at the Consensus 2024 conference that he believes three altcoins, Solana, XRP and Cardano, could receive ETF approval from the SEC.
At the time of writing, the altcoin’s price is still struggling to break through the resistance at $0.52 and turn it into support, having fallen 2.47% over the past week and trading at $0.518.
Featured image created by Dall.E, chart taken from Tradingview.com
