It appears that the crypto market is recovering from its recent drop. Ripple’s token XRP is the most successful cryptocurrency on the charts of the 10 top projects ranked by market capital. XRP is up 9% over the past 24 hours. This outperforms Bitcoin (BTC), Solana, and Solana, which are only up 1% each.
In the weekly charts, XRP’s price is down 9.5% despite the rally. Despite this rally, XRP’s price has fallen 9.5% from the previous week.
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Why is XRP on the Rise?
It is possible that investors bought additional assets as a result of the last price decline. In the last couple of days, liquidations were massive. As 2024 draws to a close, some investors are betting on an upbeat 2025.
It is also possible that the rally was due to approval of the RLUSD stablecoin by the company.
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Trump’s administration could impose crypto-friendly regulations. Trump’s crypto-friendly stance could lead to a bull run that lasts longer this cycle. Investors could have become bullish on XRP because they anticipated another bullish market rally.
WisdomTree’s filing of a spot-XRP ETF may also have played a role. This development could have boosted investor confidence.
Can the Asset Reach A New All Time High?
XRP’s current price is down 31.5% compared to its previous high of $3.40. It peaked around seven years ago in January 2018.
CoinCodex reports that Ripple’s XRP token will experience a correction in early January. Platform predicts that the token will trade at $1.946 on January 1, 2025. A drop to $1.946 will be a 16.48% decrease from the current prices.
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Changelly analyst expect XRP’s all-time peak to be reclaimed in April of 2029. That is about four more years.
XRP may reach a higher level than originally anticipated. Many assets may reach new heights if the cryptocurrency market maintains its upward trend.
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Source: watcher.guru
