Ripple’s XRP token had a phenomenal year in 2024. The asset breached the $2 mark for the first time in nearly seven years. The fintech company also had a partial victory in its lawsuit with the SEC. Judge Torres ordered the company to pay a $125 million fine. The partial victory led to a considerable increase in investor confidence.
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XRP’s Current Price Movements
The cryptocurrency market has faced a significant correction in the last 24 hours. Nearly $622 million worth of assets were liquidated. Ripple’s XRP token follows the current bearish trend. The asset is down 4.6% in the daily charts and 7% over the previous month. Despite the correction, XRP has maintained some gains in the other time frames. The asset is up 10.1% in the weekly charts, 0.8% in the 14-day charts, and 310.8% since January 2024.
The latest correction is likely due to better-than-expected jobs data in the US. The development has cast a shadow on an early interest rate cut from the Federal Reserve. Such developments tend to spook investors away from riskier assets like XRP and other cryptocurrencies.
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Can The Asset Reclaim Its $3.40 Peak In Q1 2025?
According to CoinCodex, Ripple’s XRP token will surpass its previous peak in March of this year. The platform anticipates the asset to hit a new all-time high of $4.60 on Mar. 24, 2025. Hitting $4.60 from current price levels will translate to a rally of about 99.13%.
Given the current bearish environment, XRP may not hit a new peak in Q1 2025. Things could change very quickly after President-elect Donald Trump assumes office. His pro-crypto stance could make a difference in how the market moves over the next few months.
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