The cryptocurrency market is showing signs of a recovery after a slight dip following the announcement that US authorities have sentenced Binance chief Changpeng Zhao (CZ) to four months in prison. Other assets, such as Ripple’s XRP token, also show signs of a rebound.
XRP has rallied 2.5% in the daily charts and 7.8% in the 14-day charts. However, the asset is still down by 10.7% over the previous month.
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The slight rebound could be the effects of Bitcoin’s (BTC) recent halving. Historically, BTC’s halving has led to a market rally.
However, Ripple’s XRP is still a long way down from its 2018 peak. The asset is down by nearly 85% from its all-time high of $3.40, which it attained in January 2018, over six years ago.
When can Ripple’s XRP reclaim its all-time high?
According to Changelly, XRP could reclaim its all-time high in 2028, about four years from now. The platform anticipates the asset to hit a maximum price of $3.57 for the year.
Telegaon, on the other hand, is more bullish on XRP. The platform anticipates XRP to reclaim its all-time high in 2025, hitting a maximum price of $3.97 for the year.
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One of the most significant barriers to XRP’s price is Ripple’s ongoing lawsuit with the US SEC (Securities and Exchange Commission). The SEC has accused the fintech company of selling unregistered securities. However, a district court ruled partially in favor of Ripple last year, stating that the sale of XRP to retail clients did not breach securities laws. Nonetheless, the lawsuit is now in the high court, and investors await a verdict. If the high court rules similarly to the district court, we may witness a sudden surge in XRP’s price and adoption.
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