Ripple’s XRP experienced a healthy price rally earlier this month. The asset is up 26.5% in the weekly charts, 106.5% in the 14-day charts, 166.7% over the previous month, and 123.9% since late November 2024. The asset breached the $1 mark for the first time since November 2021 earlier this month.
Also Read: Shiba Inu: AI Predicts SHIB’s Price for December 1, 2024
Despite the gains, XRP has faced a steep 5.1% correction in the last 24 hours.
Why Is XRP’s Price Dipping?
XRP’s latest price dip follows Bitcoin (BTC) sliding to below $93,000. The crypto market experienced increased volatility over the last weekend. BTC’s correction led to a market-wide price dip for almost all major crypto assets.
Also Read: Amazon Stock (AMZN) Climbs 3%: Why is Amazon Up Today?
The dip could be due to market participants booking profits after BTC hit an all-time high of $99,645.39 on Nov. 22, 2024. Ripple’s XRP follows the general market down trend.
Will The Asset Hit $2 In December 2024?
According to CoinCodex, XRP will trade at a maximum price of $1.58 in December. The platform anticipates the asset to hit the $1.58 mark on Dec. 2, 2024. CoinCodex analysts oredicts XRP’s price to undergo a long correction thoughout next month. The platform anticipates XRP to hit a low of $0.80 on Dec. 31, 2024.
Changelly analysts also paint a similar picture for Ripple’s XRP token. The platform anticipates the asset to trade at a maximum price of $1.49 in December 2024. Changelly anticipates the asset to face a correction throughout next month, trading at a maximum price of $0.92 in January 2025.
Also Read: Ethereum Price Breakout Imminent – Here’s What it Means for Altcoin Season
There is a possibility that XRP will pick up the pace in December if Bitcoin (BTC) turns bullish. If BTC hits $100,000, we may witness another market-wide rally. In such a scenario, XRP’s price could potentially breach the $2 mark.