$XRP Price Predictions: Crypto Community Sees Token’s Price Drop By Year End
The cryptocurrency community predicts that the price of the $XRP token will fall by the end of the year, even after it surged over 40% in a month after reports revealed that both Ripple and the US Securities and Exchange Commission (SEC) are looking into it. for a decision in their long-running legal battle through a so-called summary judgment.
According to CoinMarketCap’s price estimation feature, the cryptocurrency community sees the price of the cryptocurrency falling by 15.5% from the current $0.476 level to around $0.402 by the end of the year.
The number marks a sharp decline from XRP’s current levels and specifically suggests that while the token has rallied, the community sees it as a short-lived rally that will end up being undone through a selloff.
Community predictions for the end of October are around $0.42, while for the end of November, the cryptocurrency community sees XRP trading at $0.38, meaning they see a significant decline before a recovery to end 2022.
The price of XRP has recently risen, as both the SEC and Ripple have requested a speedy ruling in the regulator’s case against the fintech firm over the sale of XRP tokens. Both are seeking summary judgment, according to newly filed documents.
The records indicate that neither party wants the trial to proceed to a full trial. The SEC sued Ripple and two of its executives in 2020, alleging that they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies that XRP is a security.
Not everyone is bullish on the cryptocurrency thanks to the supposed end of the legal battle affecting one of the ecosystem’s biggest players. A widely followed cryptocurrency analyst, DonAlt, revealed earlier this month that he sees the price of XRP leading to a massive price increase if the SEC’s lawsuit against Ripple is settled. If Ripple wins, he said, the XRP token is going to “giga moon” and “a lot of people will buy back.” The analyst expects to sell into that increase.
According to DonAlt, if Bitcoin “looked solid at $21,000,” then he could hold the XRP stake until it hits $1, if not $2 or $3″ per token.
Ripple’s settlement of the lawsuit could lead to an XRP supply shock, which would presumably lead to a price increase as demand would remain the same, while supply plunged. That is according to legal expert and XRP supporter Jeremy Hogan, who has followed the case.
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