Ripple’s XRP token has been buoyed by the wave of market optimism following Donald Trump’s recent win in the U.S. presidential election. Bitcoin’s market value reached a record high of $82,490, breaking its previous record. This upward trend continued across the entire crypto market, with other cryptocurrencies also posting gains while lifting XRP higher.
XRP’s Price Gains
As of press time, XRP is trading at $0.587, with an increase of 8.51% in the last month and 14.41% in the previous week. Nonetheless, it trades under the crucial $0.60 level and has been down 9.4% since November 2023.
According to the analyst from CoinCodex, the price of XRP may rise to $0.79 this month, with the potential to see a new all-time high by November 15, 2024. Later, the asset price may undergo a correction and might drop to $0.62 by early December. Changelly analysts also had similar predictions, as they expect XRP to go up to about $0.79 on November 14, 2024, and then drop to about $0.67 the following day.
XRP is currently trading at nearly $0.59, which represents an 82.6% decline from its January high of $3.40. While recent developments are encouraging, the token would need to experience a substantial price increase of approximately 69.5% to rise above $1 from its current level.
XRP Soars On Trump Win And Ripple’s UAE Stablecoin PlansLong-Term Growth Potential
From a long-term perspective, Telegaon analysts believe that XRP could surge past $1 this year, with a possible high of $1.28 before the year is over. Although the platform does not offer a precise timeline for XRP’s quest to hit $1.28, analysts at Changelly predict a climb to $1 within 2025 and a possible high of $1.18 by 2026.
XRP investors pin their hopes on a more extended uptrend amid positive sentiment following Trump’s victory and potential regulatory change in the United States and globally. The further growth of XRP is still unpredictable because it is near some resistance level and may have a correction soon. The next few weeks would show whether XRP can strengthen its position and break critical price levels.
