The cryptocurrency market has faced a substantial correction. Bitcoin (BTC) has dipped to the $95,000 level. The global crypto market cap has fallen 9.5% in the last 24 hours to $3.23 trillion. Ripple’s XRP has also faced a major correction in the previous few days.
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Cryptocurrency Market In The Red Zone
XRP is down 17.1% in the daily charts, 13.8% in the weekly charts, 26.3% in the 14-day charts, and 1.3% over the previous month. Despite the dip, the asset has increased by 373.1% since January 2024.
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The latest market correction is likely due to new developments in international trade wars. US President Donald Trump announced new tariffs on Canada and Mexico. President Trump may also levy tariffs on the European Union. Investors are worried about risky assets, such as Ripple’s XRP and other cryptocurrencies.
XRP To Hit A New All-Time High?
Although Ripple’s XRP has faced a significant price dip, the asset could hit a new all-time high. XRP is currently down by 31.7% from its all-time high of $3.40. The asset peaked in January 2018, about seven years ago.
According to CoinCodex, XRP’s price will consolidate over the next few weeks. The platform anticipates the asset to break out by early April 2025. CoinCodex predicts XRP will hit a new peak of $4.06 on April 14. Hitting $4.06 from current price levels will entail a rally of about 69.17%.
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There is also a possibility that XRP will continue to dip over the coming months. The market is yet to recover from its current predicament. Macroeconomic factors also have to be considered. The Federal Reserve is yet to announce an interest rate cut in the US. These factors could present a barrier to XRP’s price.
