Ripple’s XRP token continues its struggle to gain momentum. The seventh-largest cryptocurrency project by market cap has experienced a significant correction over the last week. The asset is down by 0.3% in the daily charts, 2.1% in the weekly charts, 7.9% in the 14-day charts, 5.6% in the monthly charts, and 17.9% since early November 2023.
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Why Is XRP Struggling?
Ripple’s XRP token shot up to $0.63 in early August after the fintech company settled its lawsuit with the SEC with a $125 million fine. Despite the breakout, the asset’s price did not hold, facing a correction soon after.
XRP’s recent woes could be due to investors booking profits with other assets. XRP continues to be a popular cryptocurrency for cross-border remittances, but its value has failed to increase.
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How High Will The Asset’s Price Rise After The US Presidential Election?
The US Presidential election will take place on Nov. 5, 2024, and the results will be announced on Nov. 6, 2024.
According to CoinCodex, XRP’s price could surge to $0.54 on the day of the results, Nov. 6, 2024. Hitting $0.54 will entail a rally of about 8% from current price levels. The platform anticipates XRP rising to $0.682 on Nov. 8, 2024, about 36.4% from current levels. CinCodex does not anticipate XRP’s price holding above $0.60, predicting a correction to $0.58 by the end of the month.
Changelly presents a more bullish outlook for Ripple’s XRP token. The platform anticipates the asset to surge to $0.67 on election results day, Nov. 6. 2024. Like CoinCodex, Changelly does not expect XRP’s price to hold above $0.60, predicting a correction to $0.58 on November 8, 2024.
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Given a positive market environment, XRP may continue rallying without facing a correction. How the asset performs this month remains to be seen.
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