Ripple-backed coin, XRP, is making big waves in the market right now. The coin leads the current rally, especially among the top 20 cryptocurrencies by market cap after it surged by over 20% in the last 24 hours.
The recent rally has sent excitement across the XRP community as the coin is finally living up to its potential. After consolidating between $0.4 and $0.9 for almost three years, XRP broke past the $1 mark, rising as high as $1.7, indicating the highest point reached since its all-time high in 2021.
Several factors have fueled this new movement. Some of the most significant factors include legal victories, potential regulatory body overhaul, the incoming of a pro-crypto administration led by Donald Trump, and the anticipated launch of the RLUSD stablecoin.
Read Also: XRP Surges 30%, Shows Strong Resilience Amid Market Downturn, Strategist Highlights Key Price Levels
Last week, Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC), announced that he would step down from office on January 20, 2025, the same day Trump would be inaugurated into office. This news quickly resonated with the XRP community as its parent company Ripple has been embroider in a prolonged legal battle with the commission since December 2020.
Speculations started growing about a possible case dismissal by the new SEC chairman especially since pro-crypto candidates have been suggested for the position. This information led to a massive surge of XRP, sending it above the $1 to its present point.
In a previous report by 36crypto, we informed that Ripple has burned almost all the available RLUSD stablecoin in its Treasury, signaling a potential imminent launch date of the stablecoin. This factor has also contributed to the current coin surge. With all these developments in mind, investors are now wondering how high can XRP surge before 2024 runs out. Let’s take a look.
ChatGPT Predicts $2.5
Earlier on, we consulted ChatGPT, to get a prediction on a possible XRP trajectory for December. The prominent AI tool suggested that XRP has the potential to surge as high as $2.5 by December, citing the favorable conditions we listed above.
ChatGPT noted that if these factors favor XRP, then we could see an over 70% increase toward this mark, which will be less than $1 from its previous all-time high of $3.4.
XRP Technical Analysis Suggests a Lesser Figure
Meanwhile, the XRP technical chart suggests a reduced prediction from what ChatGPT predicted. Even though both predictions are not the same, they fall within a similar range. XRP’s weekly chart indicates a strong uptrend for the coin.
Recently, it broke past a key resistance of $0.9340, the highest level since July 2023. Moreover, it exceeded the psychological $1 mark and the 50-week and 100-week MA (moving averages). Technical indicators, however, advise caution. There may be a short correction in the days ahead since the Stochastic Oscillator and Relative Strength Index have entered the overbought territory.
Source: TradingView
Owing to this, the next possible target for XRP is $1.9716, a 12.57% increase from its current price. If XRP reaches this mark, the next target would be $2, and then to $2.5 before targeting its previous all-time high. At the time of writing, XRP was trading at $1.72, representing a 19.05% increase in the last 24 hours.
Read Also: XRP Prediction: See ChatGPT’s Price Prediction For December
