Ripple’s XRP token has breached the $2 mark for the first time since January 2018. The asset is currently one of the best-performing cryptocurrencies among the top 100 projects. XRP’s price is up 29.4% in the daily charts, 76.9% in the weekly charts, 118.9% in the 14-day charts, and 375.2% over the previous month. The asset has also rallied by 299.6% since December 2023.
Also Read: Cardano Breaks Through $1.05: What’s Next for ADA?
Why Is XRP Rallying?
XRP began its ascent after Donald Trump won the US Presidential election. Market participants are likely betting on Trump’s pro-crypto stance. Many anticipate lenient crypto regulations under Trump’s leadership.
Also Read: BRICS: 2 Countries Pay 80% of Trade in Local Currencies, Not US Dollar
XRP’s price also struggled over the last few years due to the SEC vs. Ripple lawsuit. The fintech company settled the case earlier this year with a $125 million fine. The settlement may have boosted investor confidence as well.
Will The Crypto Reach $3 Next?
XRP has not traded at the $3 level since January 2018. The asset has to rally by 22.4% to hit the $3 mark.
According to CoinCodex, Ripple’s XRP token will face a correction throughout the next few weeks. The platform anticipates the asset to trade at $1.54 on Dec. 31, 2024. Slipping to $1.54 from current price levels will entail a dip of about 37.14%.
Also Read: Apple (APPL) Stock Eyes $1T in Gains, Analyst Predict
Changelly also paints a bearish picture for XRP. The platform anticipates the asset to trade at $1.17 on Dec. 30, 2024. Falling to $1.17 from current price levels will translate to a dip of about 52.24%.
There is also a possibility that XRP will continue its upward momentum and breach the $3 mark soon. If Bitcoin (BTC) hits $100,000, there is a high probability that we will witness a market-wide rally. In such a scenario, XRP could hit a new all-time high.