Will XRP Achieve a New All Time-High Before 2025?

Ripple’s XRP has finally returned to $1. Last time the asset traded over $1 was in November 20, 21. That’s three years ago. XRP price rose by 8.2% daily, 95.5% on weekly, 124.3% on 14-day chart, and 110% compared to previous month. This asset’s price has risen 88.8% in the past year.

Please Read This: Cryptocurrency Trader Turns $33K Into $12.2 Million In 24 Days

What is driving Ripple XRP’s token demand?

XRP is following Bitcoin’s recent rally to a high new record of $93,477.11 in the last seven days. Following Donald Trump’s election as US President, the crypto market has entered a bullish phase. Trump’s crypto-friendly stance led to many believing that US regulations will be softer over the next 4 years.

Please Read This: Tesla: TSLA Surges 5% As Trump-Musk Duo Fuels EV Optimism

In addition, the Federal Reserve cut rates 25 basis points in early August. Investors often take on greater risks when rates are cut, as they can borrow more easily.

The SEC lawsuit brought against Ripple by the fintech firm led to a rough few years for the XRP coin. Ripple agreed to pay a $125-million fine earlier this summer. XRP could be ready to regain its previous highs now that its legal issues are behind it.

Can the asset reach its highest level before 2025?

The price of XRP has dropped by 66.4% since its highest point, which was $3.40. It peaked in January 2018 – almost seven years ago. SEC’s lawsuit prevented the cryptocurrency from reaching a new high in the bull market of 2021.

Please Read This: Solana Forecasted To Reach $400, Here’s When

CoinCodex predicts that XRP prices will reach $1.56 by November 22, 2024. CoinCodex’s analysts are not optimistic that prices will remain above $1 indefinitely, despite their bullish predictions. According to the platform, XRP is expected to face a downward correction by December. CoinCodex estimates that XRP may trade for $0.74 by December 31, 2024.