Ripple’s XRP token has not hit the $1 mark since November 2021, during the historic cryptocurrency bull run. The asset is also down by more than 82% from its all-time high of $3.40, which it attained in January 2018, over six years ago. While other assets hit new highs in 2021, XRP failed to do so despite a rally.
Also Read: Ripple: Can XRP Reclaim Its All-Time High of $3.40 in 2024?
Why the Lackluster Performance?
One of the most significant hurdles to XRP’s price is likely Ripple’s lawsuit with the SEC. The financial watchdog accused the fintech company of selling unregistered securities in December 2020.
Also Read: Ripple: What Will XRP’s Price Be If Bitcoin Hits $300,000?
The asset recently received a favorable outcome in its suit with the SEC, deciding to settle with the regulator. The decision led to a brief rally for XRP, but prices have since consolidated.
Will XRP hit $1 in 2024?
Hitting $1 from current price levels will require a rally of nearly 66%. According to Changelly analysts, XRP won’t breach the $1 mark until at least 2025. The platform predicts the asset will hit a maximum price of $0.792 this year and an all-time high of $3.57 in 2028.
Bullish Predictions
Telegaon researchers are far more bullish on XRP, predicting the asset to hit a maximum price of $1.28 in 2024. The platform also anticipates XRP to hit a new all-time high of $5.18 in 2026.
Also Read: Ripple (XRP) & Dogecoin (Doge) Price Prediction For September 2024
Given specific conditions, Ripple’s XRP coin may reach a new all-time high in 2024. First and foremost, there must be optimism in the market.
This year, the Federal Reserve may decide to lower interest rates. Rate reductions may cause a spike in capital flows into riskier assets like cryptocurrencies. Secondly, the price of XRP might reach all-time highs in a bull run.