Ripple’s XRP token has faced a significant correction in the last 24 hours. The asset is down by 11% in the daily charts. XRP is still in the green zone in the other time frames. The asset is up 56.3% in the weekly charts, 105.9% in the 14-day charts, 353.3% in the monthly charts, and 271.9% since December 2023.
Source: CoinGecko
Also Read: Bitcoin (BTC) Officially Crosses $100,000, Trades At $103,000
Why Did XRP’s Price Rally?
XRP beached $2 for the first time in nearly seven years. The rally was likely due to WisdomTree filing for a spot XRP ETF.
Source – CryptoRank
The cryptocurrency market seems to be experiencing a surge in investor sentiment. Donald Trump winning the US Presidential election has led to a significant inflow of funds into the crypto market. Trymp’s pro-crypto stance may lead to an extended bull run this cycle.
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Can The Asset Hit $3 Before 2025?
According to CoinCodex, Ripple’s XRP token will face a correction over the next few weeks. The platform anticipates the asset to trade at $1.74 on Dec. 31, 2024. Sliding to $1.74 from current price levels will translate to a dip of about 24.3%.
Source: CoinCodex
Changelly analysts also present a bearish outlook for Ripple’s XRP token. The platform anticipates the asset to trade at $1.95 on Dec. 31, 2024. Hitting $1.95 from current price levels will entail a fall of about 15.22%.
Source: Changelly
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There is also a possibility that Ripple’s XRP token will not face a correction. Bitcoin (BTC) has finally breached the $100,000 level. BTC’s latest rally could lead to other assets rallying and hitting new highs. XRP is currently down by about 32% from its all-time high of $3.40.
