Despite Ripple’s clear lead in the ongoing lawsuit, market sentiment about XRP remains bearish.
Market Sentiment Remains Bearish
After the SEC filed the lawsuit against Ripple on 22nd December 2022, the initial couple of months were really bad for the firm. But later, thanks to Ripple’s aggressive defence, the firm recovered swiftly.
Ripple continued to make new partnerships as it also set foot in a few emerging markets I.e. NFTs and CBDCs.
Despite all the positives surrounding Ripple, XRP’s Price does not seem to reflect the firm’s strong market position. In a recent survey featured on Coinmarketcap, community members projected the price XRP will trade at by the end of October. XRP’s median price emerged from the survey is $0.4166, 1.6% below the current price. For November the sentiment is even worse as the median is $0.3826, 9% lower then the current price.
XRP Price Analysis
In the past 7-days XRP has outperformed most of the mainstream coins. Despite a 5.7% decrease in the past 24-hours, XRP is still the best performing coin, among the top 10, over the week. In the meantime XRP Gained value by 4.3%.
Further, in the week XRP has continuously changed hands above $0.40. During the period the average price of the coin has remained $0.47.
Main reason behind the recent dip in XRP’s price is the market bearish trend. Notably, the premier cryptocurrency Bitcoin is currently 7.5% in the day and 1.7% over the week.