- 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 $1 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 $1 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 1.59% in the daily charts, 4.66% in the weekly charts, 5.79% in the 14-day charts, and 4.94% over the previous month. The asset has reclaimed the $0.80 level for the first time since July 2023.
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.
Will XRP Hit $1 Soon?
Ripple’s XRP token last traded above the $1 mark in November 2021, three years ago. The asset is also down by 76.1% 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. Things may soon change for the asset.
According to CoinCodex analysts, XRP will continue its ascent over the next few days. The platform anticipates the asset to breach the $1 next week. CoinCodex analysts predict XRP to trade at $1.06 on Nov 18, 2024. The platform does not anticipate XRP’s price to hold above $1, predicting a correction to $0.84 by Dec 10, 2024.
Conclusion
XRP has shown strong momentum in recent days, outperforming major cryptocurrencies. If the rally continues, the asset could reclaim the $1 level soon. However, it remains to be seen if XRP can sustain its climb above $1 over the long term. The coming days will determine if this is the beginning of a new bull run for XRP.
