In 2024, XRP finally broke out of the prolonged price consolidation, emerging as one of the biggest winners of the ongoing cryptocurrency market rally. To put this price breakout into perspective, XRP rallied by over 300% in the past month, elevating the cryptocurrency to third place based on market capitalization, surpassing Solana ( SOL ) and Tether’s USDT. Overall, XRP’s price remained relatively stable throughout most of 2024, fluctuating between $0.50 and $0.60. However, in early November, the token took a new turn, and its value tripled by the end of the month to about $1.50. In recent trading sessions, the asset has surged past the $2 mark to trade at $2.55 as of press time, reflecting a year-to-date spike of 342%. $3 remains a psychological resistance level for the short term. XRP YTD price chart. Source: Finbold Despite this newfound momentum, XRP still trades below its record high of $3.40 when some market players have questioned the authenticity of the current gains. Drivers of XRP performance Like other digital assets, XRP received a boost from the euphoria surrounding Donald Trump’s election and his anticipated implementation of pro-cryptocurrency policies. Indeed, this momentum was led by Bitcoin ( BTC ), which surged past the historical $100,000 mark. However, some XRP-specific elements partly contributed to the coin’s meteoric rise. Specifically, renewed optimism emerged after Robinhood (NASDAQ: HOOD ) relisted XRP on November 13. The platform had delisted XRP in 2020 following the court battle between Ripple and the Securities and Exchange Commission ( SEC ), where the regulator accused the blockchain firm of selling unregistered securities. At the same time, Ripple’s partial legal victory in August reignited interest in XRP as the chances of the token being reclassified as a security diminished. Further momentum emerged after SEC Chair Gary Gensler announced his planned departure in January. Interestingly, for the cryptocurrency community, Gensler’s role at the SEC, particularly in the Ripple case, became the poster child of the regulator’s alleged stifling of the sector. With Gensler’s exit, there is speculation that the XRP exchange-traded fund ( ETF ) might receive approval. This anticipation follows Trump’s nomination of pro-crypto Paul Atkins as the next SEC chair, should lawmakers approve him. Several spot XRP ETFs from entities such as WisdomTree, Bitwise, and 21Shares are already awaiting feedback from the SEC. Adding fuel to the XRP momentum, Ripple may soon launch its stablecoin , RLUSD, which the New York State Department of Financial Services (NYDFS) could approve by the end of the year. The dollar-pegged RLUSD, issued via Ripple’s acquired Standard Custody & Trust Company, has reportedly been beta-tested with mints worth tens of millions. “I’m still hopeful that we’ll launch by the end of the year. The stablecoin is launched through a New York state trust and regulated by the NYDFS. We are very much looking forward to having the launch headaches behind us, but we will get there,” Ripple CTO David Schwartz said. What next for XRP Overall, the highlighted catalysts are likely to help XRP sustain its bullish sentiment as it targets the $3 mark. From a technical perspective, prominent cryptocurrency trading analyst Ali Martinez noted on December 8 that the next conservative target for XRP is at least $8. Martinez’s analysis indicated that XRP has broken out of a multi-year symmetrical triangle, signaling further upside potential. This continuation pattern , formed by converging trend lines with lower highs and higher lows, typically marks a period of accumulation before a breakout. The breakout suggests a bullish shift, with the chart indicating two key price targets: a conservative $8.40 and an optimistic $48.12. If XRP reaches the target of nearly $50, its market cap could hit almost $2.8 trillion, potentially making it the top cryptocurrency if Bitcoin sees minimal gains. XRP price analysis chart. Source: TradingView/Ali_charts However, the continuation of a possible XRP rally could face threats from the impact of being overbought, which might signal a short-term correction or consolidation. The post This is how XRP has performed in 2024 so far appeared first on Finbold .
