After a long period of bearish trend, the cryptocurrency market is finally recovering. Most of the assets are trading in surplus, including one of the largest tokens by market capitalization, XRP.
The CoinMarketCap community predicts that the XRP token will trade at an average price of $1.95 on July 31, 2022. This prediction is made using the platform’s Price Calculation tool, which allows users to determine future prices for the cryptocurrency.
Such high XRP numbers mean an increase of $1.6115, or 476.11%, from the token’s current price of $0.3385. At the time of publication, 3,244 people had voted for the above estimate.
XRP has been on a downward trend since the beginning of the year, falling from $0.84 on Jan. 1 to the current $0.3385, a drop of 59.7%.
The community’s optimism may be due to expectations of Ripple winning a lawsuit against the U.S. Securities and Exchange Commission. And they have reason to do so, as Judge Sarah Netburn has expressed dissatisfaction with the regulator’s actions and controversial statements.
In addition, Ripple opened a new office in Toronto in late June and plans to hire up to hundreds of software developers, including data scientists and applied machine learning specialists.