Is Ripple (XRP) Preparing for a New ATH Before Christmas? (Analysts speculate)

TL;DR

XRP has been breaking out lately, and analysts are predicting further growth. Optimistic projections depend on favorable conditions such as a change in pro-crypto SEC leadership and the asset’s historical performance. New peak before end of 2024?

Ripple’s XRP is among the best-performing cryptocurrencies over the past month, with a price that exploded by nearly 200%. It’s currently trading at roughly $1.50, and many analysts believe the rally has just begun.

XRP Price, Source: CoinGecko

X user CrediBULL Crypto stated that XRP “looks great” and that its valuation could head north to $1.60 “as long as BTC doesn’t crash the party.”

Crypto Assets Guy was even more bullish, envisioning a bomb to $2 by the end of November and a new all-time high of over $4 before Christmas. They also assumed that XRP could shoot up to $10 in the first quarter of next year.

Such a price explosion would require the asset’s market capitalization to exceed $500 billion. While the number currently sits at around $85 billion, some major inbound factors could lead to a massive resurgence.

One of the key elements is the change in leadership of the US Securities and Exchange Commission (SEC). As recently reported by CryptoPotato, Chairman Gary Gensler will step down on January 20th. He is known as a staunch foe of the digital asset industry, and the agency filed numerous lawsuits against crypto companies during his tenure. Perhaps the most popular include the legal battle against Ripple.

The lawsuit, which has been ongoing for nearly four years, could reach a quicker and more favorable (for the company) conclusion, assuming Gensler’s successor is pro-crypto. Of course, this is just speculation, and we have yet to see who will replace him at the helm.

The Mega Bull

User X, CryptoBull, who often talks about XRP price fluctuations, recently suggested that the price of XRP could rise to $30, assuming certain factors play out.

The analyst believes this could be possible if the valuation closes the monthly candle at around $2, thereby mimicking an astronomical rally seen in March 2017.

“If the trend continues, it would close around $5 in December and $30 by the end of January 2025,” the forecast says.

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