According to CoinGecko’s XRP data, Ripple’s XRP token has registered a 0.5% fall in the daily charts and a 10.6% fall in the weekly charts. The popular cryptocurrency recently hit an all-time high of $3.65 on July 18. Since its peak, XRP’s price has dipped by 15.6%. Despite the steep correction, the asset continues to maintain substantial gains across other time frames. XRP is up 19.2% in the 14-day charts, 41.4% in the monthly charts, and 408.2% since July 2024.
Can XRP Hit $3.80 Next?
XRP has some support at its current price level. The asset also has some liquidity at the $2.5 price level. If the asset continues to face a dip, it could fall to $2.5 before making an upswing.
XRP’s latest fall follows a market-wide dip following Bitcoin’s (BTC) decline to the $115,000 level. The correction was likely to investors booking profits after one of the most significant rallies in the crypto market. BTC, XRP, and BNB hit new all-time highs over the last two weeks.
The correction may have also been triggered by market participants taking caution ahead of the Federal Open Market Committee (FOMC) meeting on July 29. The minutes of the meeting will give insights into the Federal Reserve’s monetary policy. The Federal Reserve has kept interest rates unchanged so far in 2025. There is a chance that the Federal Reserve will break its streak this time. A rate cut could lead to a sure in risky investments. Such a scenario could push XRP to a new all-time high of $3.80.
Also Read: $3,000 for 1,000 XRP? It’s ‘Crazy’, but Experts Say It’s Just Starting
XRP also has a few spot ETF applications awaiting approval at the SEC. An ETF approval will likely lead to a spike in institutional investment for the asset. XRP could go much further north than $3.80 under such conditions.
