TL;DR
- XRP has been on a tear lately, with analysts predicting further growth.
- Optimistic projections hinge on favorable conditions like a pro-crypto SEC leadership shift and historical performance of the asset.
New Peak Before the End of 2024?
Ripple’s XRP is among the best-performing cryptocurrencies in the past month, with its price exploding by almost 200%. It currently trades at approximately $1.50, and many analysts believe the rally has just started.
X user CrediBULL Crypto claimed that XRP “looks fantastic” and its valuation could head north to $1.60 “as long as BTC doesn’t ruin the party.”
Crypto Assets Guy was even more optimistic, envisioning a pump to $2 by the end of November and a new all-time high of over $4 before Christmas. Moreover, they assumed XRP could skyrocket to $10 during the first quarter of next year.
Such a price explosion would require the asset’s market capitalization to exceed $500 billion. While the figure currently stands at around $85 billion, some important incoming factors may indeed trigger a massive resurgence.
One of the key elements is the shift in the leadership of the US Securities and Exchange Commission (SEC). As CryptoPotato recently reported, Chairman Gary Gensler will vacate his post on January 20. He is known as a big enemy of the digital asset industry, and the agency filed numerous lawsuits against crypto businesses during his tenure. Perhaps the most popular include the legal battle against Ripple.
The lawsuit, which has been ongoing for almost four years, might reach a faster and more favorable (for the company) conclusion, assuming Gensler’s successor is pro-crypto. Of course, that’s just speculation, and we have yet to see who will replace him at the helm.
The Mega Bull
The X user CryptoBull, who often touches upon XRP’s price fluctuations, recently suggested that XRP’s price may jump to as high as $30 assuming certain factors are in place.
The analyst thinks this could be possible if the valuation closes the monthly candle at approximately $2, thus mimicking an astronomical rally observed in March 2017.
“If it continues the trend, it would close around $5 in December and $30 at the end of January 2025,” the forecast reads.
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