Ripple’s XRP token has finally overcome the $0.60 level, a barrier the asset had struggled to break for most of this year. XRP is up 7.1% in the daily charts, 27.9% in the weekly charts, 37.4% in the 14-day charts, and 30.4% over the previous month. The asset’s price has also risen by 7.2% since November 2023.
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Why Is XRP Rallying?
Ripple’s XRP token’s latest rally follows on the heels of Bitcoin (BTC) hitting a new all-time high of $93,477.11 on Nov. 13, 2024. The market-wide rally is likely due to Donald Trump winning the 2024 US Presidential election. Market participants expect lenient crypto regulations under Trump’s administration due to hit pro-crypto and pro-business policies.
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Another factor that may have helped XRP’s price is the possibility of an interest rate cut later this month. Experts anticipate a 25 basis point interest rate cut in November. Rate cuts usually lead to investors pouring funds into risky assets.
Analyst Predicts The Asset To Hit $2
According to an X post by a cryptocurrency analyst, MikybullCrypto, XRP could witness a massive surge, similar to Dogecoin (DOGE). The analyst predicts the asset to hit $2 by the end of this year. Hitting $2 from current price levels will translate to a rally of about 181.69%.
According to the analysts at Telegaon, XRP could hit the $2 mark sometime in 2025. The platform anticipates the asset to trade at a maximum price of $2.17 in 2025.
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Changelly researchers are slightly more bearish on XRP than Telegaon. The platform anticipates the asset to breach the $2 mark in 2027. The platform predicts XRP to trade at a potential maximum price of $2.51 in 2027.
