Ripple’s XRP token has breached the $2 mark for the first time since January 2018. The asset is currently one of the best-performing cryptocurrencies among the top 100 projects. XRP’s price is up 29.4% in the daily charts, 76.9% in the weekly charts, 118.9% in the 14-day charts, and 375.2% over the previous month. The asset has also rallied by 299.6% since December 2023.
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Why Is XRP Rallying?
XRP began its ascent after Donald Trump won the US Presidential election. Market participants are likely betting on Trump’s pro-crypto stance. Many anticipate lenient crypto regulations under Trump’s leadership.
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XRP’s price also struggled over the last few years due to the SEC vs. Ripple lawsuit. The fintech company settled the case earlier this year with a $125 million fine. The settlement may have boosted investor confidence as well.
Will The Crypto Reach $3 Next?
XRP has not traded at the $3 level since January 2018. The asset has to rally by 22.4% to hit the $3 mark.
According to CoinCodex, Ripple’s XRP token will face a correction throughout the next few weeks. The platform anticipates the asset to trade at $1.54 on Dec. 31, 2024. Slipping to $1.54 from current price levels will entail a dip of about 37.14%.
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Changelly also paints a bearish picture for XRP. The platform anticipates the asset to trade at $1.17 on Dec. 30, 2024. Falling to $1.17 from current price levels will translate to a dip of about 52.24%.
There is also a possibility that XRP will continue its upward momentum and breach the $3 mark soon. If Bitcoin (BTC) hits $100,000, there is a high probability that we will witness a market-wide rally. In such a scenario, XRP could hit a new all-time high.
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