After Ripple CEO Brad Garlinghouse revealed his company’s exposure to the now-collapsed Silicon Valley Bank (SVB), the XRP token responded with a slight decline on its daily chart, but the cryptocurrency community is still bullish on the digital asset.
Indeed, according to the 1,115 community votes cast by the members of the crypto tracking platform CoinMarketCap by press time, XRP is set to reach an estimated average price of $0.4101 by March 31, an increase of 13.64% or +$0.04923 to the token’s price at press time, as per data retrieved on March 13.
It is also important to note that the projections of the crypto community for the XRP token over the last six months have had a historical accuracy of 91.73%, making them a suitable alternative to the price estimates made by the artificial intelligence (AI) platforms, that have set a lot lower XRP price for the same period.
XRP technical analysis
In terms of XRP’s technical analysis (TA) on the one-day gauges over at the finance monitoring website TradingView, it is very bearish. Its summary aligns with the ‘strong sell’ sentiment at 16, which is the result of moving averages (MA) pointing at ‘strong sell’ at 14, and oscillators in the ‘neutral’ area at 8.
Meanwhile, the token is currently changing hands at the price of $0.3609, down 0.08% on the day, as well as losing 1.96% over the previous week and 5.76% across the past 30 days, according to the latest data retrieved by Finbold on March 13.
Whether the community’s optimistic predictions come true will depend on various factors surrounding its ecosystem, such as the outcome of the legal battle between the blockchain company Ripple and the United States Securities and Exchange Commission (SEC), as well as the wider crypto and macroeconomic landscape.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.