As the fifth month of 2023 is drawing near, investors are looking at various tools to gauge the price of XRP for May 1.
As the fifth month of 2023 is drawing near, the cryptocurrency market is back in the green, and the XRP token is following suit, with crypto traders and investors looking at various tools to try and gauge its price for early May, including those provided by artificial intelligence (AI).
With this in mind, Finbold has consulted the machine learning algorithms at the crypto analytics platform PricePredictions, which predicts that the price of XRP on May 1, 2023, would not change a lot from its current amount and would stand at $0.470758, according to the latest information retrieved on April 26.
XRP 7-day price prediction. Source: PricePredictions
To arrive at this projection, which reflects a very minor decline of 0.7% to XRP’s current price, the platform deploys various technical analysis (TA) indicators, such as relative strength index (RSI), average true range (ATR), moving average convergence divergence (MACD), Bollinger Bands (BB), and others,
XRP price analysis
At press time, XRP was trading at the price of $0.4741, which represents a 4.25% gain on the day and an increase of 5.17% in the last month, reversing the decline of 10.78% accumulated across the previous week, as charts from April 26 demonstrate.
XRP 30-day price chart. Source: Finbold
In the meantime, the sentiment around XRP on the one-week gauges from the finance and cryptocurrency monitoring website TradingView is largely bullish, suggesting ‘buy’ at 11. Specifically, this result is a summary of moving averages (MA) standing in the ‘buy’ zone at 10, and oscillators pointing at ‘neutral’ at 9.
XRP 1-week sentiment gauges. Source: TradingView
All things considered, should XRP continue trading sideways for the next several days or make a more significant move in either direction, will largely depend on the developments directly related to its ecosystem and community, including the legal battle between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read more cryptocurrency news on Finbold.com.