Ripple’s XRP token is at present among the many best-performing cryptocurrencies among the many prime 100 initiatives by market cap. The asset has additionally outperformed mainstream crypto property corresponding to Bitcoin (BTC) and Solana (SOL). XRP has reclaimed the $2 mark for the primary time since January 2018, almost seven years in the past.
XRP’s value is up by 11.9% within the day by day charts, 88.6% within the weekly charts, 139.2% within the 14-day charts, and 441% over the earlier month. The asset can also be up by 339.5% since December 2023.
Why Is XRP Rallying?
XRP’s newest rally follows WisdomTree’s latest S1 submitting for a spot XRP ETF (Exchange Traded Fund). WisdomTree is a monetary big whose ETF submitting marks a major milestone for Ripple’s XRP token.
Market members could also be betting on Donald Trump’s pro-crypto stance for the ETF’s approval. Trump’s victory within the US Presidential election triggered a market-wide rally. An XRP ETF might result in the asset surging to a brand new all-time excessive.
Will The Asset Hit $3.40 Next?
XRP is at present down by 20% from its all-time excessive of $3.40. The cryptocurrency final traded above $3 in January 2018. XRP’s value struggled to realize momentum over the previous couple of years because of the SEC vs. Ripple lawsuit. The fintech firm settled the case earlier this 12 months with a $125 million positive.
According to CoinCodex, Ripple’s XRP token will face a correction all through this month. The platform anticipates the asset to commerce at $1.99 on Dec. 31, 2024. Slipping to $1.99 from present value ranges will result in a dip of about 26.84%.
There is a risk that XRP won’t face a correction however proceed its rally. If the SEC approves WisdomTree’s S1 submitting, the asset might surge to a brand new all-time excessive.
