Ripple’s XRP token is being corrected after a rally last weekend. The asset is up 4.9% in the 14-day charts and 12.9% in the yearly charts but is down 0.5% in the daily charts, 2.8% in the weekly charts, and 1.6% over the previous month.
Also Read: Cardano: Is There Still Hope for ADA to Reach $1 in 2024?
Why is The Crypto Market Dipping?
The crypto market rallied over the weekend following Federal Reserve chair Jerome Powell’s announcement of interest rate cuts starting in September 2024.
The rally, however, was shortlived, and Bitcoin has fallen to the $63,000 level after briefly surpassing $64,000. The dip could be due to investors not feeling confident about risky assets and a general bearishness in the market.
Also Read: Ripple: AI Predicts XRP’s Price For September 1, 2024
How High Will XRP Go in September 2024?
According to CoinCodex data, Ripple’s XRP token could surge to $0.79 on Aug. 31, 2024. The platform does not expect prices to hold and predicts a correction to $0.62 on Sept. 22, 2024.
Changelly analysts anticipate XRP hitting a high of $0.776 on Sept. 5, 2024, a rise of about 30.8% from current levels. Changelly also does not anticipate XRP’s price holding above $0.70, predicting a correction to $0.63 by Sept. 21, 2024.
The cryptocurrency market may pick up momentum in September, given that the Federal Reserve intends to cut interest rates. The move may lead to investors pouring capital into riskier assets.
Also Read: Shiba Inu: How High Can SHIB Surge in September 2024?
Ripple also received a favourable outcome in its lawsuit with the US SEC. The financial regulator decided to settle with the fintech company.
The Ripple vs. SEC lawsuit significantly lowered XRP’s price. Now that the lawsuit has been dismissed by the high court, investors may again begin to invest in the asset.