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Despite Ripple’s Strong Position in the SEC Lawsuit, Market Sentiment for XRP Remains Bearish

Another Blow for the SEC as the Court Strikes down the Agency's Motion to Revoke John E Deaton's 'amici curiae' Status.

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Despite Ripple’s clear lead in the ongoing lawsuit, market sentiment for XRP remains bearish.

Market sentiment is still falling

After the SEC filed a lawsuit against Ripple on 22 December 2022, the first couple of months were really bad for the company. But later, thanks to Ripple’s aggressive defense, the company recovered quickly.

Ripple continued to forge new partnerships and also entered a few emerging markets, namely the NFT and CBDC markets.

Despite all the positive things surrounding Ripple, the price of XRP does not seem to reflect the company’s strong market position. In a recent study presented on Coinmarketcap, community members predicted the trading price of XRP by the end of October. Based on the survey, the median price of XRP is $0.4166, 1.6% lower than the current price. In November, sentiment is even worse, with a median of $0.3826, 9% lower than the current price.

XRP Price Analysis

Over the past 7 days, XRP has outperformed most mainstream coins. Despite a 5.7% drop in the last 24 hours, XRP remains the top ten performing coin of the week. Meanwhile, XRP gained 4.3%.

Additionally, during the week, XRP has continuously changed hands above $0.40. During the period, the average price of the coin has remained at $0.47.

The main reason for the recent decline in the price of XRP is the downtrend in the market. Notably, the leading cryptocurrency Bitcoin is currently up 7.5% for the day and 1.7% for the week.

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