- Ripple’s XRP token is currently the best-performing cryptocurrency among the top 100 projects, outperforming Bitcoin, Solana, Dogecoin, and others.
- XRP’s rally may be attributed to investors booking profits from other assets after the recent market surge and reallocating funds into XRP, as well as Ripple settling its lawsuit with the SEC.
- Analysts predict XRP to breach the $2 mark soon, possibly next week, but expect a correction afterwards.
Ripple’s XRP token is currently the best-performing cryptocurrency among the top 100 projects. Let’s discuss if the asset can hit $2 soon.
XRP Skyrockets While Other Assets Slump
Ripples XRP token is currently the best-performing cryptocurrency in the daily charts among the top 100 projects by market cap. While other crypto assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), etc are glowing red in the 24-hour charts, XRP is in the green zone.
XRP is up by 33.59% in the daily charts, 125.66% in the weekly charts. The asset has reclaimed the $125 level for the first time in over 1,100 days.
Why is XRP Rallying?
Investors may be booking profits after the markets recent surge. Bitcoin (BTC) climbed to a new all-time high of $93,477.11 on Nov 13, 2024. Some investors may have liquidated their holdings from other assets and reallocated their funds into XRP.
Ripple’s XRP is one of the most popular currencies for cross-border remittances. The fintech company also settled its lawsuit with the SEC with a $125 million fine. With no legal woes in its path, XRP may be gearing up for a climb.
In addition, many XRP investors, new and old, are anticipating the termination of SEC Chair Gary Gensler, which some believe is the sole reason XRP dumped in the first place due to the multi-year lawsuit between the SEC and Ripple. This factor alone reveals a path forward for XRP holders that most believed would never come, resulting in multiple analysts predicting $2 or even $3 as a price target in the near future.
Will XRP Hit $2 Soon?
Ripple’s XRP token last traded near the $2 mark in April 2021, over three years ago. The asset is also down by 65% from its all-time high of $3.40, which it attained in January 2018, nearly seven years ago. XRP has had a rough few years, failing to gain significant traction due to various regulatory and social pressures. However, analysts believe XRP’s recent 100% weekly gain is just the start of whats to come for this asset.
Conclusion
XRP has shown strong momentum in recent days, outperforming major cryptocurrencies. If the rally continues, the asset could reclaim the $2 level soon. However, it remains to be seen if XRP can sustain its climb above $1 over the long term as many holders have been in the red for since 2021 or even 2018. The coming days will determine if this is the beginning of a new bull run for XRP.
