Ripple’s XRP token has reclaimed the $2 mark after its recent descent to the $1.8 level. Although XRP has rallied 0.4% in the last week, the popular crypto continues to glow red in the other time frames. According to CoinGecko data, XRP is down 2.7% in the last 24 hours, 8.3% in the 14-day charts, and 17.1% over the previous month. Despite the market crash over the last month, XRP’s price has risen by 51.6% since November 2024. Let’s discuss if XRP will continue its rally, face a correction, or enter a consolidation phase.
Will XRP Rally Further, Or Face a Correction?
The crypto market seems to be entering a consolidation phase in general. Bitcoin (BTC) seems to be slowing down after it reclaimed the $87,000 price level, after its recent dip to the $82,000 mark. XRP is also showing signs of consolidating around the $2.20-$2.25 mark.
Ripple’s XRP token was one of the best-performing cryptocurrencies earlier this year. XRP breached the $3 mark for the first time in seven years, and even hit a new all-time high. The incredible performance was most likely due to the SEC vs. Ripple lawsuit coming to an end. The lawsuit clouded XRP’s legal status and presented substantial challenges to its price. With the lawsuit gone, the asset has a clear legal status.
Also Read: XRP Just Got Wall Street Validation From Franklin Templeton
XRP could be gearing up for a major rally over the coming months, fuelled by ETF inflows. The asset finally has a spot ETF that could lead to a spike in institutional money. However, macroeconomic conditions need to improve for the crypto market to rally. Slow economic growth, rising inflation, and high jobs data have led to a substantial dip in the chances of another interest rate cut in 2025. XRP will likely not enter a bullish phase unless the larger economy improves.
