XRP price is down 4% today, back to $1.09, while the overall cryptocurrency market has lost 2% in the past 24 hours. 📉 XRP is in a correction after a very positive week, where speculation about a meeting between President-elect Trump and Ripple CEO Brad Garlinghouse pushed the altcoin up 61% in a week. 🚀
With XRP also up 113% in the past two weeks, many investors and analysts are starting to expect the coin to end 2024 on a high note. 🤑 Veteran trader Peter Brandt believes that if XRP can get past its 2021 high of $1.96, it could see a major surge in the coming months. 💥
Brandt notes that XRP continues to break record highs, with its 2023 high of $0.82 already well behind it. 📊 He also says that the XRP price chart has formed a “big coil” in the past few weeks, meaning the coin has been trading in an increasingly tight range. 🔄
However, the coin has now broken out of that tight range, with the election of the pro-crypto Trump seemingly sparking a new bull market. 🗳️ XRP is benefiting more than many other major tokens, as Garlinghouse recently met with Trump. 🤝
There is also the possibility that Trump will remove Gary Gensler from his position as SEC Chairman, which could change the regulator’s stance on Ripple and XRP. 🏛️ All of these factors could help XRP make a big surge, with a new record target looking realistic. 🎯
Currently, XRP is undergoing a short-term correction as traders take advantage of the recent rally. 📉 XRP’s relative strength index has already dropped below 50, and it may approach 30 before it can rise again. 🔄
Some analysts are even more optimistic, predicting that XRP could hit $1.80 by the end of the year, before targeting $2.50 in the second half of 2025. 💰 While XRP looks poised to rise, many are also looking at other tokens that carry less regulatory burden. 🔍
