At the beginning of this month, Ripple's XRP experienced a healthy price increase. This asset rose by 26.5% on the weekly chart, 106.5% on the 14-day chart, increased by 166.7% compared to last month, and has risen by 123.9% since late November 2024. At the beginning of this month, the asset broke the $1 mark for the first time since November 2021.
Despite the increase, XRP has experienced a significant 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. Last weekend, the cryptocurrency market experienced increased volatility. The pullback in BTC led to a decline in market prices for almost all major crypto assets.
The decline may be due to market participants taking profits after BTC reached a historic high of $99,645.39 on November 22, 2024. Ripple's XRP followed the overall market's downward trend.
Will the asset's price reach $2 in December 2024?
According to data from CoinCodex, the trading price of XRP is expected to reach a peak of $1.58 in December. The platform predicts that this asset will hit the $1.58 mark on December 2, 2024. CoinCodex analysts forecast that XRP's price will undergo a long-term adjustment next month. The platform expects XRP to touch a low of $0.80 on December 31, 2024.
Source: CoinCodex
Changelly analysts also outlined a similar outlook for Ripple's XRP token. The platform expects the trading price of this asset to reach a peak of $1.49 in December 2024. Changelly anticipates that this asset will face adjustments next month, with a trading price peaking at $0.92 in January 2025.
