The cryptocurrency market faced a significant correction yesterday, with Bitcoin (BTC) falling to just above $65k. Ripple’s XRP, along with other assets, are following BTC’s trajectory. XRP is down 4% in the daily charts, 13.9% in the weekly charts, and 6.6% in the 14-day charts. However, the asset’s price is still up by nearly 8% over the previous month and 54.7% since March 2023.
Also Read: Ripple CTO Says Gradual Appreciation May Lead Big XRP Gains
The latest correction could be due to macroeconomic factors, such as inflation going up in the US, which may lead to the Federal Reserve pushing back any plans of interest rate cuts. The lower expectations of a rate cut may have led investors to pull back from riskier assets, such as cryptocurrencies.
Ripple’s XRP to hit $2.28
According to Telegaon, XRP could hit a maximum price of $2.28 in 2024. Reaching $2.28 from current levels would translate to a growth of about 280%. However, Telegaon does not clarify the month for which XRP could hit this price level.
Changelly, on the other hand, predicts Ripple’s XRP to hit a maximum price of $0.9809019 in 2024. The platform does not anticipate XRP to reach the $2.28 level till at least 2027, about three years from now.
Also Read: Ripple XRP To Hit All-Time High By Bitcoin Halving: Predicts Analyst
As for reaching its all-time high, Changelly anticipates XRP to reclaim its all-time high of $3.40, which it attained in January 2018, in 2028, predicting a maximum price of $3.99 for the year. Telegaon, on the other hand, expects XRP to reclaim its all-time high in 2025, reaching a maximum of $3.97.
However, one of the most significant barriers to XRP’s price is the ongoing lawsuit between Ripple and the US SEC (Securities and Exchange Commission). If Ripple receives a favorable ruling from the high court, we may see a surge in XRP’s price and adoption.