Ripple’s XRP token is experiencing a sharp price reversal, rallying 1.4% in the last 24 hours, 16.5% over the previous week, and 52.4% since late November 2024. Despite the price rally, XRP is still down by 3.4% in the 14-day charts and 15% in the monthly charts. Given the market rebound, let’s discuss if XRP can hit $2.50 over the weekend.
Can XRP’s Price Rally to $2.50 Over the Weekend?
XRP’s recent price rebound follows a market-wide trend reversal. Bitcoin (BTC) reclaiming the $91,000 price level may have boosted investor sentiment, leading to other assets following BTC’s trajectory. The market reversal could be due to positive macroeconomic developments. The chances of another interest rate cut in December have significantly increased over the last few days. Moreover, investors may have bought the dip, leading to XRP and other assets experiencing a rally.
XRP could hit the $2.50 mark over the coming weekend if the current market trend sustains itself. However, the crypto market could experience some volatility on Monday, after the holidays. Fresh volatility could lead to XRP consolidating around current levels or facing a correction.
XRP also has a lot of buzz around its ETF launches. If investor sentiment remains high, ETF inflows could lead to XRP going beyond the $2.50 mark.
CoinCodex analysts anticipate XRP to dip to $2.21 on Sunday, Nov. 30. The platform does not expect the asset to breach the $2.50 mark anytime before Dec. 17. Falling to $2.21 from current price levels will entail a dip of nearly 1%.
Also Read: XRP ETF Buzz Is Everywhere, So Why Isn’t the Price Moving Yet?
There is a possibility that December will bring forth a big rally for the crypto market if the Federal Reserve rolls out an interest rate cut. Another 25-basis-point rate cut could lead to XRP reclaiming its peak of $3.65.