Ripple’s XRP token has faced a steep correction of 9% in the daily charts. Moreover, the token is down by nearly 6% since the previous month. XRP had a lucrative year in 2023, rallying by almost 80%. The asset’s growth may be due to a favorable ruling in the SEC (Securities and Exchange Commission) vs. Ripple lawsuit. A US district court ruled that selling XRP to retail clients did not breach securities laws. The asset’s price skyrocketed to over $0.82 soon after the verdict’s announcement.
Also Read: Ripple: Will XRP Reclaim its All-Time High of $3.40 in 2024?
However, the popular cryptocurrency’s price gradually declined after the price spike, probably due to the SEC vs. Ripple suit entering the high court.
However, investors and users hope the asset will regain traction in 2024, given Ripple receives a favorable verdict from the high court.
When will Ripple’s XRP reach $2?
According to Changelly, XRP could reach a maximum price of $1.10 in 2024. Moreover, the platform does not anticipate the token to breach the $2 mark anytime before 2026. Changelly predicts a maximum price of $2.21 for XRP in 2026, almost two years from now.
Telegaon, however, paints a more bullish outlook for Ripple’s XRP token. According to the platform, XRP could hit a maximum price of $2.28 this year. However, Telegaon does not clarify when the token could reach this level.
Also Read: Ripple: ChatGPT Explains How XRP Can Rally 560% to $4 in 2024
Apart from Telegaon, other analysts are also bullish on XRP in 2024. According to crypto analyst Cryptoinsightuk, XRP’s price could rise 100% against Bitcoin (BTC).
Moreover, there is a high probability that the crypto market will witness a bull run in 2024, fuelled by a spot BTC ETF (Exchange Traded Fund) and BTC’s halving event in April. A bull market could push Ripple’s XRP to new highs much earlier than anticipated.