Anyone keeping a keen eye on cryptocurrency probably not have failed to notice that XRP’s price has been making waves lately. Its recent movements have led many to draw parallels with the booming times of 2017. Could this be the start of something big? Let’s dive into what’s driving XRP up and what it could mean for the whole market.

XRP’s Current Performance

So far in 2024, XRP’s been looking a lot like it did during its 2017 surges. Both times, its market cap skyrocketed before taking a bit of a break, leading many to think we’re in for another big climb soon. Back in 2017, XRP’s market cap grew six times over before dipping again. If we keep to the past, early 2025 could be looking pretty good.

In fact, as XRP rose through 2024, it settled around moving averages that indicated a pretty solid support level. This gives the impression we’re slated for more upward movement this time around as well.

Past Patterns and Projections

There are some solid reasons to believe XRP could be lining up for another big run. For one, it’s recently been trading closely to some key moving averages, which has often signaled big price increases in the past. In March 2017 and December 2020, when the 21 EMA met the 55 MA, they were both precursors to significant XRP price hikes. Today looks no different.

Technical analysis suggests that XRP might be heading towards the $7 mark, translating to a gain of over 1,000% from where it’s at now. For those painting a more conservative picture, an increase to $1.80 would still be over a 200% bounce.

The Ripple Effect of Political Donations

Ripple’s $5 million contribution to Trump’s campaign fund is also worth mentioning as a historical first for a U.S. inauguration. Like in 2016 and 2020, this donation was about more than just coin approval convenience. Ripple seems to be banking on this move to pave the way for better regulatory frameworks for cryptos.

Ripple’s decision comes right after the overall rise in crypto donations to campaigns from other firms like Coinbase and Kraken. Looks like they’re all hoping that aligning themselves with political power may improve their chances on the market.

What Lies Ahead for XRP

Looking to the future, expectations are high. XRP’s fate in 2024 may hinge on the outcome of the SEC lawsuit, crypto market sentiments, and the rate of growing innovative technologies. Predictions suggest XRP could see itself maxing out at about $2.24 by the end of next year, but this could be flexible depending on all those factors.

By 2030, the average price may stabilize between $65.4. All this is contingent on the tech taking off and regulations eventually leaning in their favor.

Challenges That Could Pop Up

That said, the road isn’t always smooth. The ongoing legal tussle between Ripple and the SEC could swing the market either way. If Ripple wins that round, XRP could leap, but if setbacks happen, we may see XRP tumble.

Don’t forget the broader economic landscape — inflation, interest rates, and global tensions could also affect how the market behaves, typically by altering the investment trends. And of course, crypto’s volatile nature means we’re always a few tweets away from that wild price action.

Final Word

So there you have it. XRP’s hitting some markers that could mean a new high is on its way, thanks to the right mix of technical signals, historic patterns, and political moves. But as we know in crypto — it’s never a sure thing, so stay informed and keep your eyes peeled!

The author does not own or have any interest in the securities discussed in the article.