Ripple’s XRP token has finally reclaimed the $1. The asset last traded above $1 in November 2021, three years ago. XRP’s price has risen by 8.2% in the daily charts, 95.5% in the weekly charts, 124.3% in the 14-day charts, and 110% over the previous month. The asset has also risen by 88.8% since November 2023.
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What’s pushing Ripple’s XRP token?
XRP’s latest rally follows Bitcoin’s (BTC) climb to a new all-time high of $93,477.11 last week. The crypto market entered another bullish phase after Donald Trump won the US Presidential election. Trump’s pro-crypto stance has led many to believe that the US will have lenient crypto regulations over the next four years.
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The Federal Reserve also cut interest rates by 25 basis points earlier this month. Rate cuts often lead to investors taking on more risks as borrowing becomes easier.
Ripple’s XRP token had a few rough years due to the SEC’s lawsuit against the fintech company. Ripple settled the suit earlier this year with a $125 million fine. With its legal woes out of the way, XRP may be primed to reclaim its all-time high.
Will The Asset Hit An All-Time High Before 2025?
XRP is currently down by 66.4% from its all-time high of $3.40. The asset reached its peak in January 2018, nearly seven years ago. The SEC lawsuit kept the crypto from hitting a new all-time high during the 2021 bull run.
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According to CoinCodex, XRP will climb to $1.56 on Nov. 22, 2024. Despite the bullish forecast, CoinCodex analysts do not anticipate prices to hold above $1 for long. The platform anticipates that XRP’s price will face a correction in December. According to CoinCodex’s estimates, XRP could trade at $0.74 on Dec. 31, 2024.
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