Earlier this month, Ripple CEO Brad Garlinghouse announced that the SEC is no longer pursuing its litigation against the fintech company. XRP experienced a brief rally following the announcement. Following the market-wide correction, XRP’s price has dipped to pre-announcement levels. XRP is currently down by 4.5% in the daily charts, 6.6% in the weekly charts, 1.7% in the 14-day charts, and 2.3% over the previous month. Despite the dip, the asset’s price has rallied by 261.6% since March 2024.
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Cryptocurrencies Continue To Stagnate
The cryptocurrency market seems to be entering a consolidation phase. Bitcoin (BTC) briefly reclaimed the $88,000 level earlier this week. BTC’s price has since slipped to the $86,000 mark. XRP follows BTC’s trajectory as well.
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The market dip is likely due to macroeconomic uncertainties. The US said it would ease tariffs. The move could lead to some relief among investors. The SEC has also announced four rounds of crypto roundtables. The move could help elevate investor sentiment. Ripple’s XRP token could benefit from such a development.
Will XRP Hit A New All-Time High?
XRP hit an all-time high of $3.40 in January 2018. It has been more than seven years since the asset peaked. The SEC vs. Ripple lawsuit is the most significant reason for XRP’s lackluster performance over the last few years. With the lawsuit out of the way, XRP may begin to hit new highs over the coming months.
According to CoinCodex, XRP will rally over the next few weeks. The platform anticipates the asset to hit a new all-time high of $4.21 on Apr. 15. XRP’s price will rally by around 87.11% if it hits the $4.21 target.
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There is also a possibility that XRP will not rally as predicted by CoinCodex. Macroeconomic factors may present a barrier to the crypto market. How the second quarter of this year goes is yet to be seen.