Bitcoin and Crypto Trends: Analyzing XRP's Performance in 2024

Bitcoin and Crypto Surge: XRP's Outstanding Performance in 2024

In 2024, XRP finally broke out of the prolonged price consolidation, emerging as one of the biggest winners of the ongoing cryptocurrency market rally.

XRP’s Price Breakout

To put this price breakout into perspective, XRP rallied by over 300% in the past month, elevating the cryptocurrency to third place based on market capitalization, surpassing Solana (SOL) and Tether’s USDT.

• Overall, XRP's price remained relatively stable throughout most of 2024, fluctuating between $0.50 and $0.60.
• In early November, the token took a new turn, and its value tripled by the end of the month to about $1.50.
• As per recent trading sessions, the asset has surged past the $2 mark to trade at $2.55.

Despite this newfound momentum, XRP still trades below its record high of $3.40, leading some market players to question the authenticity of its current gains.

Drivers of XRP Performance

Like other digital assets, XRP received a boost from the euphoria surrounding Donald Trump’s election and his anticipated implementation of pro-cryptocurrency policies.

Indeed, this momentum was led by Bitcoin (BTC), which surged past the historical $100,000 mark.

However, some XRP-specific elements contributed to the coin’s meteoric rise. Specifically, renewed optimism emerged after Robinhood (NASDAQ: HOOD) relisted XRP on November 13.

What Next for XRP

Overall, the highlighted catalysts are likely to help XRP sustain its bullish sentiment as it targets the $3 mark.

From a technical perspective, prominent cryptocurrency trading analyst Ali Martinez noted on December 8 that the next conservative target for XRP is at least $8.

However, the continuation of a possible XRP rally could face threats from being overbought, signaling a potential short-term correction.