The cryptocurrency market seems to be recovering after its recent selloff. Ripple’s XRP token is currently the best-performing cryptocurrency in the daily charts among the top 10 projects by market cap. XRP has rallied 9% in the last 24 hours, outshining Bitcoin (BTC) and Solana (SOL), which have rallied by 1% and 2.2%, respectively.
The asset has also rallied by 70.9% in the 14-day charts, 291.7% over the previous month, and 271.4% since December 2023. Despite the rally, XRP’s price is down 9.5% in the weekly charts.
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Why Is XRP Rallying?
The latest rally could be due to investors buying more assets after the latest price dip. The market faced significant liquidations over the last few days. As 2024 ends, investors may be betting on a bullish 2025.
The rally could also be due to the company receiving approval for its RLUSD stablecoin.
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The Trump administration may impose lenient crypto regulations. Trump’s pro-crypto stance may lead to an extended bull run this cycle. The anticipation for another bullish rally could have led to investors becoming bullish on XRP.
Another factor could be WisdomTree’s recent filing for a spot XRP ETF. The development may have led to an increase in investor sentiment.
Will The Asset Hit A New All-Time High?
XRP is currently down by 31.5% from its all-time high of $3.40. The asset peaked in January 2018, nearly seven years ago.
According to CoinCodex, Ripple’s XRP token will face a correction by early January. The platform anticipates the token to trade at $1.946 on Jan. 1, 2025. Sliding to $1.946 from current price levels will entail a dip of about 16.48%.
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Changelly analysts anticipate XRP to reclaim its all-time high in April 2029, about four years from now.
There is a possibility that XRP will hit a new all-time high much sooner than anticipated. If the crypto market continues its upward momentum we may see many assets hit new peaks.