Cryptocurrencies are facing a noticeable downturn, prompting a focus on high-volume coins in the market. XRP, in particular, has sparked debates among analysts. While some express pessimism regarding its price, citing a correlation with Bitcoin's decline, others like EGRAG believe the current phase signifies a period of consolidation.

XRP's Price Outlook

Recent trends have highlighted the influence of artificial intelligence in predicting market movements, including in the cryptocurrency sector. An AI algorithm deployed by a prediction platform has made a noteworthy forecast for XRP, raising concerns. The prediction suggests a continued decline for XRP, projecting a decrease to $0.379972 by July 31, 2024.

If this forecast materializes, XRP would witness a 15.37% reduction from its current value of $0.4417.

However, the unresolved standoff between Ripple and the SEC remains a significant pressure point for XRP. Both entities are engaged in ongoing legal exchanges, aiming to strengthen their respective positions.

The enduring lawsuit is anticipated to have a substantial impact on XRP's price trajectory, with speculations that a favorable outcome for Ripple could drive XRP to new peaks. Nevertheless, uncertainty shrouds the timeframe for XRP's potential return to the $1 mark, especially considering its failure to reach this threshold even during a notable rally in March, causing unease among stakeholders.

XRP's Price Performance

At the time of writing, XRP is valued at around $0.4417 post a 5% decline in the last 24 hours. This follows a 7% decrease over the past week and a 16% fall in the last 30 days.

Despite these downturns, XRP's market capitalization stands at $24.5 billion, maintaining its 7th position in market cap rankings. In comparison to cryptocurrencies like SOL, XRP continues to trail, with the gap between them widening.

The 24-hour trading volume for XRP has seen an uptick, recording a 37.6% surge to reach $1.5 billion.

This article was originally published on COINTURK NEWS: Analysts Debate XRP’s Future Amid Market Decline