- Ripple’s XRP token experienced a significant price rally, breaching the $1 mark for the first time since November 2021, but has faced a steep 51% correction in the last 24 hours.
- The recent price dip of XRP follows the overall market downturn, led by Bitcoin’s slide to below $93,000, as market participants booked profits after BTC hit an all-time high.
- While analysts predict XRP’s price to undergo a correction throughout December 2024, there is a possibility that it could breach the $2 mark if Bitcoin turns bullish and hits $100,000, potentially triggering another market-wide rally.
Ripple’s XRP token has seen impressive gains recently, climbing over 100% in the past month. However, the asset has faced a steep correction following Bitcoin’s latest price drop. In this article, we will analyze if XRP can potentially hit the $2 mark in December 2024.
Recent XRP Price Action
Earlier this month, XRP experienced a healthy rally, gaining over 265% in the weekly charts. The asset breached the $1 mark for the first time since November 2021.
However, despite these gains, XRP has faced a 51% correction in the last 24 hours. This latest dip follows Bitcoin’s slide below $20,000, which led to increased volatility across crypto markets.
XRP Price Predictions for December 2024
According to CoinCodex, XRP will trade at a maximum of $1.58 in December 2024. The platform predicts the asset will hit this peak on Dec 2nd, before undergoing a prolonged correction throughout the month.
Changelly analysts paint a similar picture, anticipating XRP to trade at $1.49 at most in December, before dropping to $0.92 in January 2025.
Possibility of Hitting $2
There is a chance XRP could breach the $2 mark in December if Bitcoin turns bullish again. If BTC hits $100,000, we may see another market-wide altcoin rally. In that scenario, XRP could potentially surge past $2.
Conclusion
In summary, Ripple’s XRP token has seen substantial gains lately but remains volatile. While December predictions do not anticipate XRP hitting $2, a renewed Bitcoin bull run could push the asset past that threshold. The coming weeks will determine if such a breakout is on the cards.
