The cryptocurrency community thinks that the price of $XRP, which is the native token of the XRP Ledger, will go up and down in February and end up only slightly below where it is now as investors wait for regulatory clarity.
According to CoinMarketCap’s price estimate feature, where over 1,000 individuals voted on their forecasts for February, the average answer points to a projection of $0.4142 per $XRP, which is only 0.16% higher than the cryptocurrency’s current price level.
It’s vital to note that the bitcoin community’s forecasts may never come true. The platform says that the community’s historical accuracy is higher than 76%, and current data shows that it was around 98% in October 2022 and will reach 80% in December. It increased to more than 96% in January.
The price of $XRP has increased by roughly 19% in the last 30 days as part of a broader cryptocurrency market rebound that has seen other leading cryptocurrencies surge to heights not seen in months. Over the same period, the market’s overall capitalization has climbed to approximately $1.1 trillion.
The Securities and Exchange Commission (SEC) and Ripple Labs are still fighting in court, which adds to the uncertainty about how $XRP’s price might change.
In 2020, the SEC sued Ripple and two of its executives, saying that they sold unregistered securities when they distributed $1.3 billion in XRP coins. Ripple claims that XRP is not a security.
Ripple CEO Brad Garlinghouse stated earlier this year that he expected the business to succeed in its legal battle with the government. Two important cryptocurrency groups, Coinbase and the Blockchain Association have just filed to promote Ripple.
Ripple’s attorneys said in a recent reply in support of a move for summary judgment that the regulator has failed to prove that any offer or sale of XRP was an investment contract under federal securities laws.
Ripple’s lawyers said that the SEC failed to “prove that purchasers invested that money in a common company,” which is what the Howey test requires. This was true even for transactions that “involved an exchange of money.”
The settlement of the case by Ripple might result in an XRP supply shock, which could lead to a price increase if demand remained constant while supply fell. According to Jeremy Hogan, a legal expert and XRP enthusiast who has been following the issue.