Finbold Smart Insight
Despite the cryptocurrency market still not being out of the woods from the recent crisis, the carnage seems to be slowing down, with XRP even tracking some minor gains and the crypto community predicting it would strengthen further by the end of the year.
Taking into account the community votes cast through the Price Estimate tool at CoinMarketCap, the collective estimate sets the price of XRP at an average of $0.4287 by December 31, 2022, according to the data retrieved by Finbold on November 18.
If the community’s predictions, which result from 970 votes cast by press time, come true, they would represent an increase of $0.04911 or +12.94% to the current price of $0.3796.
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Meanwhile, the community’s bullish attitude could be ascribed to optimism surrounding the legal battle that the U.S. Securities and Exchange Commission (SEC) is waging against XRP’s issuer Ripple.
Specifically, the recent District Judge Analisa Torres’ approval of filing amici briefs by multiple parties supporting Ripple’s side had previously sent the price of XRP up 10% in just 24 hours, consolidating afterward.
XRP technical analysis
Observing the XRP technical analysis (TA), it becomes clear that it is swinging to the ‘sell’ side, with the summary on the 1-week gauge suggesting ‘sell’ at 14, versus only 2 for ‘buy’ and 10 at ‘neutral.’
Upon closer inspection of these indicators, moving averages (MA) are in the ‘strong sell’ zone with 14 for ‘sell’, only 1 for ‘neutral, and 0 for ‘buy.’ In the meantime, oscillators are tilted to the ‘buy’ sentiment at 2, against ‘neutral’ at 9, and ‘sell’ at 0.
Since the year’s turn, XRP has been following the declining price pattern of most assets on the crypto market, recently exacerbated by the FTX liquidity crunch, dropping 55.42% since January 1.
As things stand, the decentralized finance (DeFi) token is changing hands at the price of $0.3796, which represents an increase of 0.67% on the day and 0.74% across the previous seven days, with a total market cap of $19.07 billion.
Should Ripple’s successes in court continue, they might support XRP’s upward rally despite FTX’s negative impact. However, in case the blockchain company loses against the regulator, it could exercise significant downward pressure.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
