Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.
The cryptocurrency market has been making hesitant advances in recent days, but investors of the Ripple-issued XRP token are generally confident about its positive price movements for the end of November.
As it happens, the majority of the crypto community over at CoinMarketCap anticipates that XRP will trade at the median price of $0.4632 on November 30, 2022, as per data assembled through the platform’s Price Estimate tool on October 31.
Taking into account the 1,346 votes cast by press time, the community expects that the decentralized finance (DeFi) token will increase $0.01357 or 3.02% by the end of November from its current price of $0.4496.
That said, observing the price predictions, in the long run, shows that the crypto community is bearish on the price of XRP for the end of the year, expecting it to trade at $0.418 on December 31, which is $0.03163 or 7.03% lower than the price of XRP at the time of publication.
XRP price analysis
As things stand, XRP is changing hands at the price of $0.4496, which represents a drop of 2.76% on the day, as well as of 0.33% across the previous week, adding up to the cumulative monthly losses of 5.80%.
Since the beginning of 2022, this token’s price has been following a downward pattern recorded by most digital assets, declining 45.83% from $0.83, which was its price on January 1, 2022, as per data retrieved by Finbold on October 31.
Bearish versus bullish factors
Lately, the XRP community has been taking heat from the Cardano (ADA) founder Charles Hoskinson, who accused it of spreading conspiracies around the ongoing case between Ripple and the U.S. Securities and Exchange Commission (SEC).
As a reminder, Ripple’s legal team recently notched a minor win after the court overruled the SEC’s bid to block the handover of the emails by the agency’s former Division Director William Hinman, who said that Bitcoin (BTC) and Ethereum (ETH) are not securities.
Ripple has previously stipulated that it would address this matter and pay a fee if the SEC rules that XRP is not a security. However, it seems improbable that a resolution will be reached at this time.
There is, however, one event that seems quite probable. A win for Ripple may send the price of the XRP coin surging as investors finally get to celebrate triumph after two years.
At the same time, Ripple reported on October 27 that the XRP token holdings have dropped below 50 billion tokens or 50% of the total circulating supply, in addition to refuting the claims that the company’s XRP ownership gave it centralized control over the XRP Ledger.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.