Ripple (XRP) and Cardano (ADA) Break Out From Multi-Year Slumps, Hitting New Yearly Highs

Ripple's XRP token and Cardano's ADA have broken out from their multi-year slumps, hitting new yearly highs. After struggling for years

Both XRP and ADA have had a rough time in the markets over the last few years. However, 2024 has brought new life to both assets, and they are now surging to new yearly highs. But which asset will be the first to reach a new all-time high? Let’s take a closer look at their recent price action and predictions.

XRP Surges Past $1 For First Time In Three Years

After years of being stuck below the $1 mark, XRP has finally breached this level of resistance. At the time of writing, XRP is trading at $1.02, up 21% in the daily charts. The asset is also up 596% in the weekly charts, 993% in the 14-day charts, and 1048% over the previous month.

To put XRP’s recent surge into perspective, the asset has risen 822% since November 2023. At the beginning of last year, XRP was trading at just $0.11. Now, as the asset trades at over $1, it is just two digits away from setting a new record high.

ADA Soars Over 100% Since November

Cardano’s ADA has also seen an incredible run lately. Despite a 0.5% correction daily, ADA is up 365% weekly, 1129% in 14 days, and 1153% monthly. The asset has also gained over 103% since November 2023.

At the time of writing, ADA is trading at $0.72. The asset still has a long way to go before reaching its all-time high, which it set in 2021 at $3.09. However, ADA is slowly but surely making its way back up the charts.

XRP Currently 67% Below All-Time High

XRP’s all-time high was set in January 2018, when the asset reached a peak of $3.40. At its current price of $1.02, XRP is now down 67.3% from this record high.

The SEC lawsuit against Ripple, which began in December 2020, likely prevented XRP from setting a new all-time record high in 2021. However, with the lawsuit expected to be resolved this year, XRP may finally be able to reach new heights.

ADA Down 75% From All-Time Peak

Cardano’s ADA reached its all-time high of $3.09 in September 2021, shortly after the Alonzo hard fork. Since then, the asset has crashed over 75%, and it is currently trading at $0.72.

To reach a new all-time high, ADA will need to rally another 326%. However, given the asset’s recent momentum, this may not be out of the realm of possibility.

Analysts Predict XRP Will Hit New High First

According to analysts, XRP will be the first to reach a new all-time high. They estimate that XRP will hit its record high in April 2025, a little over five months from now. On the other hand, they estimate ADA will reach its all-time peak again in late 2025 or early 2026

This is mainly due to XRP coming out on top of its multi-year SEC case. In addition Gensler is set to retire next year, which will mark a new age in crypto policy and regulation.

Based on these predictions, XRP may be the first between the two to reach new all-time highs. However, crypto markets are notoriously difficult to forecast long-term. Either way, both assets seem to be gaining momentum after a multi-year lull.

This is especially true since Cardano has been rumored to have multiple partnerships in the pipeline, including a Bitcoin bridge, XRP collaboration, and a potential government partnership.