Ripple’s XRP token seems to be making a comeback. The asset has rallied 0.1% in the daily charts, 19.5% in the weekly charts, 6.7% in the 14-day charts, and 324.6% since January 2024. Despite the rally, the asset is down by 6.4% over the previous month.
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Why Is The Crypto Market Up Today?
Ripple’s XRP and other assets faced a significant price correction last month. Inflation in the US increased to 2.7%, and the Fed took a hawkish stance on its monetary policy. The development may have led to investors becoming weary of risky assets.
XRP’s resurgence could be due to Bitcoin (BTC) reclaiming the $101,000 price level. BTC may have surged after Microstrategy purchased another 1070 BTC for $101 million.
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XRP’s rally could also be due to President-elect Donald Trump’s inauguration, which is fast approaching. Trump will be inaugurated into office on Jan. 20, 2025. Many believe the crypto industry will thrive under Trump’s leadership. The upcoming US President is very pro-crypto and has also launched a crypto project called World Liberty Financial.
XRP Predicted To Hit $4
According to CoinCodex, Ripple’s XRP token will consolidate around current levels till around mid-March before rallying. The platform anticipates XRP to hit a new all-time high of $4.62 on Mar. 23, 2025. Hitting $4.62 from current price levels will result in a rally of about 91.7%.
Changelly analysts, on the other hand, are quite bearish on XRP. The platform anticipates that XRP’s price will dip over the next few months. Changelly predicts XRP will trade at a maximum price of $2.18 in March 2025. Hitting $2.18 from current price levels will result in a dip of about 9.54%.
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XRP may not face a correction given that Trump will assume office in a few weeks. Trump’s leadership may be a blessing for the crypto industry. How the market performs over the next few weeks is yet to be seen.