How high can Ripple’s XRP price get in December 2024?

Ripple price is in a strong bull run fueled by positive momentum and positive ecosystem developments.

Ripple (XRP) has risen for four consecutive weeks, reaching $1.70, its highest level since May 2021. The token has surged over 240% this month, pushing its market cap to over $96 billion.

XRP’s rise is driven by strong fundamentals, including significant legal victories and positive political developments. Ripple won a major lawsuit against the SEC in July last year, after which the court ordered the company to pay $250 million. This represents a much smaller figure than the $2 billion the SEC originally sought.

The SEC has signaled a potential objection, but optimism is growing that the new SEC Chairman will not take further action. Reports indicate that President-elect Donald Trump is considering Paul Atkins, a former commissioner with a pro-crypto stance, as the next SEC chairman.

Investors are also optimistic about potential upcoming catalysts. These include the possibility of expected spot XRP ETF approval under the next administration and the potential Initial Public Offering of Ripple Labs.

Additionally, Ripple is developing a stablecoin called RLUSD, which is backed at a 1:1 ratio to the US dollar. Expectations are that this initiative can significantly increase the revenue of the ecosystem.

XRP price is overbought Ripple price chart | Source: crypto.news

The weekly chart reveals a strong uptrend for Ripple in recent weeks. The token recently broke through key resistance at $0.9340, the July 2023 high. It also surpassed the psychological $1 mark and the 50-week and 100-week moving averages.

However, technical indicators show that caution should be exercised. The Relative Strength Index and the Stochastic oscillator have entered the overbought zone, signaling the potential for a short pullback in the coming days.

The next potential target for XRP price is the April 2021 high of $1.9716 followed by $2. In the long term, just as Bitcoin (BTC) did, Ripple could also jump to a record high of $3.5, which is nearly 110% above the current level.