- XRP surged by over 111% throughout the last month, but is still 34% below its all-time high of $3.84 in 2018.
- For XRP to reach $5 by the end of 2024, it needs to rise by nearly 100% from its current price levels.
- According to CoinCodex predictions, XRP is expected to trade between $1.92-$2.58 by the end of 2024, far from the $5 mark.
Is it possible for Ripple’s XRP to skyrocket towards its all-time high or even beyond in the following weeks? Let’s delve into the prospects of this asset and see whether it could potentially hit the $5 mark by the end of 2024.
Ripple’s XRP: Recent Developments and Market Trends
Ripple has been turning heads in the cryptocurrency industry with its latest innovations, which seem to be positively impacting the price of its asset, XRP. Despite the altcoin’s price being largely in sync with the overall market, the community is hopeful to see a change in its ecosystem. Over the past month, the asset has experienced a surge of over 111%. The real question, however, is whether XRP could continue this uptrend and achieve a new high before this year concludes.
Evaluating XRP’s Recent Market Downturn
In the last 24 hours, XRP has seen significant fluctuations, falling from a high of $2.71 to a low of $2.48. At the time of writing, XRP was trading at $2.51, reflecting a 1.40% drop in the last day. Despite this, the asset had a remarkable rise of 10% over the previous week. Nevertheless, the altcoin is still 34% below its all-time high of $3.84, which it reached back in 2018. To hit the $5 mark, the altcoin would need to rally by nearly 100% from its current position.
Projected Year End Performance
According to data from CoinCodex, it is expected that XRP will trade between $1.926 and $2.58 by the end of the year. Assuming an average price of $2.23 in December, the price of XRP could potentially drop by -10.94% from today’s value. If these predictions hold true, short sellers might be able to turn a potential profit of 23.24%.
A Look into XRP’s Future
The latest predictions suggest that XRP is quite a distance away from the $5 mark, let alone $3. It seems that the asset will need some time before it sees a rally that could push it past its peak. Despite these forecasts, the ever-evolving nature of the cryptocurrency market means that a sudden surge remains a possibility.
Conclusion:
While current market trends and predictions don’t foresee XRP hitting the $5 mark by the end of 2024, the volatile nature of the cryptocurrency market leaves room for potential surprises. As Ripple continues to innovate, the future performance of XRP remains a topic of keen interest among investors.
