Ripple’s XRP token has had quite a bullish year. The asset breached the $3 mark in January of this year for the first time in seven years. The asset’s price has since fallen to the mid-$2 levels. XRP seems to be making another journey to the $3 mark. The asset’s price has risen 3.4% in the daily charts, 21.1% in the weekly charts, 14.7% in the 14-day charts, 21.3% over the previous month, and 410.1% since May 2024.

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Ripple XRP price chart
Source: CoinGecko

Crypto Market Makes Big Moves

altcoins-price-chart-bullish
Source: Watcher Guru

The crypto market has been experiencing quite a surge over the last few days. Bitcoin (BTC) tested the $105,000 level but has fallen to the $103,000 price point. BTC’s climb to above $100,000 may have led to a boost in investor confidence. XRP and other assets are likely following BTC’s bullish trajectory.

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The bullish outlook could also be due to the SEC holding a crypto round table. Investors are likely anticipating a lenient regulatory environment over the next few years.

Ripple’s lawsuit with the SEC was also dropped earlier this year. The case closure has led to a substantial boost in confidence. The fintech company also purchased Hidden Road for $1.25 billion in April of this year. The deal was one of the most significant purchases within the digital asset industry.

XRP Hitting $3.50 Is Closer Than You Think?

XRP has had some rough years. The asset struggled to gain momentum even during the 2021 bull run. The lackluster performance was most likely due to the SEC vs. Ripple lawsuit. With the lawsuit out of the way, XRP may rise to even before seen heights.

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XRP is currently down by nearly 24% from its all-time high of $3.40. The asset hit its peak in January 2018, more than seven years ago. XRP could surge to a new all-time high if Bitcoin (BTC) rallies to a new peak. BTC continuing its rally could trigger another market-wide price surge.

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  • xrp