Considering the community votes given through the “Price Forecast Tool” on the crypto data platform CoinMarketCap, the price of XRP is expected to average $0.4287 on the last day of the year, namely December 31, 2022. If the price prediction reported by the community comes true, XRP will have closed the year with a price of $0.0492 higher than its current price of $0.3795, or an increase of 12.92 percent.
The bullish prospect of the cryptocurrency community on CoinMarketCap stems from the optimism surrounding the U.S. Securities and Exchange Commission’s (SEC) legal battle against XRP issuer Ripple. Notably, the recent approval of district judge Analisa Torres’ request to submit an amici summary of multiple parties supporting Ripple’s side allowed the price of XRP to increase by 10 percent in just 24 hours and then consolidate.
As expected, XRP has been following the price drop of most assets in the cryptocurrency market since the beginning of the year. XRP, which has lost a little more value in recent days with the bankruptcy of FTX, has thus lost 55.42 percent since the first day of the year. If the court decides in favor of Ripple in the lawsuit filed by the SEC, it can be expected that XRP will move upwards rapidly despite the negativity caused by FTX. However, the blockchain company losing the court to the US regulator could result in the price dropping sharply on the downside.