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Crypto community with 77% historical accuracy sets XRP price for February 28, 2023

Crypto community with 77% historical accuracy sets XRP price for February 28, 2023

As the week started on a less bullish note for most assets on the cryptocurrency market and the prolonged legal battle between Ripple and the United States Securities and Exchange Commission (SEC) is waiting for its conclusion, the community has projected the possible price of XRP by the end of the month.

Indeed, the crypto community over at the digital asset tracking platform CoinMarketCap has set the average price of XRP to amount to $0.4147 on February 28, 2023, the result aggregated from 1,190 votes cast by the website members by press time, according to the data retrieved by Finbold on February 7.

If the community’s estimations prove correct, it would mean an increase of +5.17% or +$0.02039 to the price of XRP at the time of publication. On the other hand, the machine learning algorithm over at PricePredictions has projected that the cryptocurrency would likely be changing hands at $0.388 by February 28, a bearish prediction compared to the earlier $0.405.

XRP social average price prediction. Source: CoinMarketCap

As for the precision of community predictions in recent months, it has been relatively high, averaging 77% over the past six months, with the January 2023 predictions recording an accuracy rate of 96%, as data demonstrates.

XRP social estimations accuracy. Source: CoinMarketCap

XRP price analysis

Meanwhile, XRP is currently changing hands at the price of $0.3944, down 1.09% over the last 24 hours and 0.25% across the previous week but still holding on at its monthly gains, which presently stand at 14.67%, as charts show.

XRP 30-day price chart. Source: Finbold

Elsewhere, the sentiment on XRP daily gauges at finance tracking website TradingView is largely undecided, with a summary in the ‘neutral’ zone at 9, the result of oscillators also pointing towards ‘neutral’ at 8, whereas moving averages (MA) are suggesting ‘sell’ at 8.

XRP 1-day gauges technical analysis. Source: TradingView

Whether XRP manages to reach the price set by the community will largely depend on the developments around the SEC’s lawsuit. Recently, it was revealed that the defense was planning to file an amicus brief in a related case in California, in which the plaintiffs were asking the court to certify a class of all XRP holders who purchased the asset worldwide.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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