The past few weeks have not been kind to the cryptocurrency market, and Ripple has had it as difficult as anyone. The past 30 days have seen XRP drop more than 10% according to CoinMarketCap. However, a change could be afoot, as Ripple’s performance next year could lead to a $5 USD XRP token.
The market is stuck in pessimism, with assets across the board struggling. That development caused the number of XRP on cryptocurrency exchanges to reach a 2024 low of 2.84 million. Following this, some experts are speculating that the asset could fall further to $0.42 if things do not change soon.
Is XRP planning a big comeback in the 2025 bull cycle?
According to Santiment data , Ripple investors have realized losses in excess of $30 million in the past 10 days. This rather disappointing data reinforces the concerns many investors have about the token’s performance.
Cryptocurrency analyst Cheeky Crypto recently posted a video talking about the potential of XRP. Looking at the XRP/USDT chart on Binance’s daily timeframe, the asset is trading in a parallel channel with a downtrend. Furthermore, it is currently below both the 50 EMA and 50 SMA which shows that the bearish trend is affecting it.
However, the video discusses overlapping candlestick patterns. This usually indicates short-term price fluctuations. So, although the immediate future does not look bright, there is still a positive long-term outlook.
The Elliot Wave Theory suggests that XRP could face further downside. There are those who predict a full price drop below $0.40. However, Ripple is also trending towards oversold territory, which presents an interesting set of positives. Specifically, it suggests that Ripple (XRP) could potentially surpass the $5 mark by 2025.
A big part of that forecast is the ongoing SEC litigation, which is expected to wrap up before the year ends. Ripple CEO Brad Garlinghouse suggested that the legal battle could be resolved by September. Additionally, experts have speculated that the agency is as interested in reaching a settlement as the cryptocurrency company. An end to that conflict could only increase the momentum it holds next year.
