Despite XRP's mixed performance in recent years, it still maintains a significant following in the altcoin community. While long-term expectations for XRP have varied between bullish and bearish sentiments, short-term predictions from CoinCodex's machine learning algorithm suggest a level of bullishness.
As May transitions into June, there are diverse outlooks for the cryptocurrency market's trajectory. CoinCodex's algorithm predicts a bullish trend for XRP in June, forecasting a potential price surge to $0.627709, indicating a more than 20% increase from its current price. Despite a bearish sentiment displayed on the website, investors exhibit greed, anticipating a positive movement.
In the shorter term, the algorithm remains optimistic about XRP's price, projecting a significant uptick within a 5-day timeframe, estimating a roughly 24% increase to around $0.6448.
While general sentiment indicators for XRP show bearishness, this could present an opportunity for investors to enter the market before an anticipated surge, aligning with the investment adage of "Buy when there is blood in the streets," which suggests purchasing assets when others are pessimistic.
Benefiting From The CEO of Ripple
The hope that XRP will be the next coin to receive approval from the US Securities and Exchange Commission (SEC) to be used as a Spot ETF is one factor that keeps people believing in the coin. This follows the regulator's approval of Spot Ethereum ETFs, which resolved the debate over whether Ethereum counts as a security or not.
Many in the industry think that since Ethereum was approved as a Spot ETF, it is possible that XRP, which is presently in dispute with the SEC over its security classification, will also be approved. Nonetheless, Brad Garlinghouse, CEO of Ripple, stated at the Consensus 2024 Conference that he thinks Solana, XRP, and Cardano, three cryptocurrencies, might be approved as ETFs.
June 2024, Cryptoniteuae