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 since October 1, up by almost 60% from its lowest level this year.
XRP price has a long way to get to ATH
Ripple has been left behind by other big cryptocurrencies that have either surged to their all-time high or are nearing their highs.
Bitcoin, the biggest coin in the industry, has risen to a record high of $80,000, bringing the year-to-date gains to almost 100%. Similarly, Ethereum rose to $3,216, and is 52% below its all-time high. Binance Coin (BNB) and Tron (TRX) are a few points below their all-time highs.
XRP price, on the other hand, has a long way to go to get to its all-time high. With Ripple trading at $0.6057, it needs to rise by over 222% to get to its all-time high of $1.96.
While such gains are possible in the crypto industry, Ripple lacks a clear catalyst that will push it to those levels, at least in the near term.
On the positive side, the weekly chart shows that the XRP price has formed a strong bottom, as shown in the orange trendline. It has failed to move below that level several times since June 2022.
The neckline of that trendline is $0.9302, its highest level in June 2023, which is about 52% above the current level. Therefore, for the XRP token price to hit its all-time high, it needs first to flip that resistance point, followed by the psychologically important point of $1.
Read more: Why is Trump’s World Liberty (WLFI) Token Sale Falling Apart?
Potential Ripple catalysts
There are a few potential XRP catalysts that could push it higher in the coming months. First, Ripple may be considering launching a dirham stablecoin in the coming months. If this happens, it will be its second stablecoin after the upcoming RLUSD.
Second, there are signs that the upcoming Trump administration will be more friendly to cryptocurrencies. One of the things that the agency may decide to do is to end the litigation with Ripple Labs, as Brad Garlinghouse said:
Third, the XRP price may react positively if the crypto community welcomes the new RLUSD stablecoin. As we have written before, that will be a difficult thing since the stablecoin industry is highly competitive, with Tether having the biggest market share.
Additionally, Ripple is a well-known brand with billions of dollars in its treasury that it could use to incentivize developers to build on the XRP Ledger network.
Therefore, while it is difficult for the XRP price to retest its all-time high, such a possibility cannot be ruled out in the longer term.
