The crypto community is bearish on the price of XRP by the end of October 2022
Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based solely on the votes of its users. Estimates do not guarantee end of month prices.
As the cryptocurrency sector remains below the $1 trillion mark it had reached in mid-September, and most of its assets — including XRP — struggle to stay out of the red zone, the crypto community predicts more pain ahead for the seventh-largest digital asset by market capitalization.
In fact, the community at CoinMarketCap has projected that XRP will trade at a median price of $0.4166 by October 31, 2022, according to data obtained by Finbold through CoinMarketCap’s ‘Price Estimates’ feature on September 28.
As it happens, the community’s bearish decentralized finance (DeFi) token price prediction is a result of 1,574 votes cast and indicates a drop of $0.00714 or 1.69% from the price of XRP, which at press time was trading at $0.4237.
Although it’s still early, the community’s forecasts for the end of November are even more bearish, currently standing at $0.3826, according to votes from 594 individuals. If these predictions come true, they would represent a decline of $0.04114 or 9.71% to XRP’s current price.
XRP Price Analysis
Like many other digital assets, XRP has shown a downward pattern since the turn of the year and is trading 49.56% lower than on January 1, 2022, when the price was $0.84, according to CoinMarketCap data.
As things stand, the price of XRP is currently trading 12.07% lower than the previous day, but still 5.93% higher compared to the last seven days. The market cap at press time was $20.97 billion.
Token at the center of a trial
Meanwhile, XRP is at the center of a lawsuit in which the United States Securities and Exchange Commission (SEC) accuses its issuer, Ripple Labs, of illegally selling the token that the regulator considers a security.
Ripple recently filed a motion to dismiss the lawsuit, saying that XRP cannot be considered securities as there were no “investment contracts” involved, which would give investors rights and oblige the company to act in their interest.
In a recent interview, Ripple’s CEO accused the SEC of being a “thug” with a mission not to protect investors but to try to “regulate through enforcement,” considering that the lawsuit has already cost his company over $100 million in legal fees.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
