Although the price of XRP has been dropping in the past few weeks, the community’s optimism remains, particularly against the backdrop of a widely publicized legal standoff between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple.
Specifically, the social price estimates on the cryptocurrency tracking platform CoinMarketCap have projected that the average price of the XRP token on May 31, 2023, would amount to $0.4696, according to the latest information retrieved by Finbold on May 8.
In other words, if the projected average XRP price estimated by the results of 1,135 member votes cast by press time materializes, it would represent an increase of +7.59% or +$0.03312 to the crypto asset’s price at the time of publication.
At the same time, it is also important to note that, over the last six months, the projections of the community for XRP have had a historical accuracy of 89%, making them a solid addition to any investor’s set of crypto market indicators to take into account when trying to gauge the future trends for the token.
XRP price analysis
As things stand, the current price of XRP amounts to $0.4365, down 5.27% in the last 24 hours, as well as dropping 7.77% over the previous seven days, adding up to the accumulated losses of 15.15% across the past month, as the recent charts indicate.
Whether the crypto community’s prognosis can indeed come true will depend on multiple factors, such as the developments directly related to the token’s ecosystem, like Ripple’s announced expansion to Dubai, as well as the general atmosphere on the crypto and macro scene.
In this context, the current bullish projections are likely related to the optimism regarding Ripple’s possible success in the SEC lawsuit, also shared by the firm’s CEO Brad Garlinghouse, who earlier told a crowd of XRP supporters that “we’re going to win this thing,” thanking them for their continuous support.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.