Ripple's XRP experienced a strong price surge earlier this month. This asset rose 26.5% on the weekly chart, 106.5% on the 14-day chart, 166.7% compared to last month, and 123.9% since the end of November 2024. This asset surpassed the $1 mark for the first time since November 2021 earlier this month. Despite the increase, XRP faced a strong correction of 5.1% in the past 24 hours.
Why is the price of XRP dropping?
The latest price drop of XRP occurred after Bitcoin (BTC) fell below $93,000. The cryptocurrency market experienced increased volatility over the past weekend. The adjustment of BTC led to a price drop across the market for most major cryptocurrencies.
This drop may be due to market participants taking profits after BTC reached an all-time high of $99,645.39 on November 22, 2024. Ripple's XRP also followed the general downward trend of the market.
Will this asset reach $2 in December 2024?
According to CoinCodex, XRP will trade at a maximum price of $1.58 in December. This platform predicts the asset will reach $1.58 on December 2, 2024. CoinCodex analysts predict that the price of XRP will undergo a prolonged correction throughout the next month. This platform predicts XRP will hit a low of $0.80 by December 31, 2024.
Changelly analysts also paint a similar picture for Ripple's XRP token. This platform predicts the asset will trade at a maximum price of $1.49 in December 2024. Changelly predicts the asset will face a correction throughout the next month, trading at a maximum price of $0.92 in January 2025.
There is a possibility that XRP will accelerate in December if Bitcoin (BTC) turns bullish. If BTC reaches $100,000, we may witness another price surge across the market. In such a scenario, the price of XRP is likely to exceed $2.