The price of XRP has dropped 4% today, returning to $1.09 as the cryptocurrency market as a whole lost 2% in the past 24 hours.
XRP is adjusting a bit after an extremely volatile week, with speculation about the meeting between President-elect Trump and Ripple CEO Brad Garlinghouse pushing the price of this altcoin up 61% in a week.
And with XRP also rising 113% in just two weeks, many investors and analysts are starting to expect that the price will end 2024 spectacularly.
Among them is veteran trader Peter Brandt, who recently shared his belief that if this coin can surpass the 2021 high of $1.96, it will continue to soar in the following months.
Will XRP reach $3 by the end of 2024? Ripple investors are expecting a big price surge.
Posted on X, Brandt noted that XRP is gradually breaking previous highs, as the highest point of 2023 at $0.82 has fallen quite far behind.
As we can see above, he also noted that the price chart of XRP has formed a "large coil" in the past few weeks, meaning it has been trading in an increasingly narrow range.
But it is clear that this coin has now escaped this narrow range, as the election of Donald Trump, a cryptocurrency supporter, seems to be starting a new bull market.
XRP has benefited from this bull market much more than many other large tokens, as Garlinghouse has met with Trump in recent days.
One more thing is that Trump may remove Gary Gensler from the position of SEC Chairman, which could lead to this regulatory agency being more lenient in its stance on Ripple and XRP.
In summary, these factors could really help XRP achieve a massive XRP level, with a new all-time high certainly being a realistic target for this coin.
Looking at today's chart, it can be seen that XRP is undergoing a short-term correction as traders take profits from recent price surges.
We can see its relative strength index (purple) dropping below 50 today and possibly approaching 30 before the next price surge.
This skepticism is supported by the 30-period moving average (orange) of XRP, which is also declining after a period of continuous increase.
Based on these indicators, the altcoin price could drop to $1.06 in the next one or two days, before more buyers push the price back to $1.20.
Of course, some analysts are even more optimistic, but regardless in the short term, XRP could still reach $1.80 by the end of the year, before aiming for $2.50 in the second half of 2025.
