XRP Price Prediction: Can Ripple Retest Its All-Time High?

The Ripple price had an average week as other cryptocurrencies like Bitcoin and Solana surged. XRP jumped to a high of $0.6180, its highest swing

Despite a strong surge in other cryptocurrencies like Bitcoin and Solana, XRP had an average week with a price jump to a high of $0.6180, marking its highest swing since October 1. This price surge translates to a nearly 60% increase from its lowest point this year.

However, XRP still has a long way to go to reach its all-time high. While other major cryptocurrencies have either surged to their all-time highs or are nearing them, XRP still lags behind.

For instance, Bitcoin, the leading cryptocurrency, has risen to a record high of $80,000, indicating almost 100% year-to-date gains. Meanwhile, Ethereum rose to $3,216, remaining 52% below its all-time high. Binance Coin (BNB) and Tron (TRX) are also a few points away from their all-time highs.

On the other hand, XRP is still priced at $0.6057, indicating a need for over 222% growth to reach its all-time high of $1.96. While such gains are possible in the crypto industry, XRP lacks a clear catalyst to propel it to those levels, at least in the short term.

On the brighter side, technical analysis of the weekly chart reveals a strong bottom for XRP, depicted by the orange trendline. Since June 2022, the price has consistently failed to drop below this level.

The neckline of the trendline, indicating the highest level in June 2023, is at $0.9302, which is about 52% higher than the current price. Hence, for XRP to reach its all-time high, it must first cross this resistance point, followed by the psychologically significant price of $1.

Potential catalysts for XRP

There are a few potential catalysts that could drive XRP higher in the coming months. First, Ripple is reportedly considering launching a dirham stablecoin in the coming months. If launched, this would be Ripple's second stablecoin, following the upcoming RLUSD.

Stablecoins, projected to reach $3T in the next five years, are powering a new era of digital finance. The UAE's progressive regulations for dirham-backed and global stablecoins solidify their role in the digital economy. https://t.co/tX7QJZ0RVC

Second, there are indications that the upcoming Trump administration will be more favorable towards cryptocurrencies. Among the actions the administration could take is ending the legal battle with Ripple Labs, as highlighted by Brad Garlinghouse:

I’ve shared some thoughts on what the Trump administration could mean for crypto and wanted to also recognize the XRP family’s patience and unwavering support. A lot has happened since XRP was the 2nd most valuable digital asset. It’s been – at times – a frustrating journey.~6…

Third, the XRP price could react positively if the crypto community embraces the new RLUSD stablecoin. As previously reported, this will be a challenging endeavor given the competitive nature of the stablecoin industry, with Tether holding the largest market share.

Furthermore, being a well-known brand with billions of dollars in its treasury, Ripple could use these funds to encourage developers to build on the XRP Ledger network.

Thus, while it may be challenging for XRP to retest its all-time high, such a possibility cannot be discounted in the long run.