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Ripple’s XRP token is currently among the best-performing cryptocurrencies among the top 100 projects by market cap. The asset has also outperformed mainstream crypto assets such as Bitcoin (BTC) and Solana (SOL). XRP has reclaimed the $2 mark for the first time since January 2018, nearly seven years ago.
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XRP’s price is up by 11.9% in the daily charts, 88.6% in the weekly charts, 139.2% in the 14-day charts, and 441% over the previous month. The asset is also up by 339.5% since December 2023.
Why Is XRP Rallying?
XRP’s latest rally follows WisdomTree’s recent S1 filing for a spot XRP ETF (Exchange Traded Fund). WisdomTree is a financial giant whose ETF filing marks a significant milestone for Ripple’s XRP token.
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Market participants may be betting on Donald Trump’s pro-crypto stance for the ETF’s approval. Trump’s victory in the US Presidential election triggered a market-wide rally. An XRP ETF may lead to the asset surging to a new all-time high.
Will The Asset Hit $3.40 Next?
XRP is currently down by 20% from its all-time high of $3.40. The cryptocurrency last traded above $3 in January 2018. XRP’s price struggled to gain momentum 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.
According to CoinCodex, Ripple’s XRP token will face a correction throughout this month. The platform anticipates the asset to trade at $1.99 on Dec. 31, 2024. Slipping to $1.99 from current price levels will lead to a dip of about 26.84%.
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There is a possibility that XRP will not face a correction but continue its rally. If the SEC approves WisdomTree’s S1 filing, the asset could surge to a new all-time high.
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