Even with continued interest and activity in cryptocurrency, XRP is unlikely to surpass its all-time high of $3.40 this year. Current market sentiment and prevailing conditions suggest that the chances of XRP reaching a new peak before the end of 2024 remain quite limited. Factors such as regulatory questions and broader market trends are expected to limit its price growth shortly.
XRP Struggles to Hit New High
On Polymarket, bettors’ confidence that XRP will surpass its 2017 high of $3.40 before 2026 has dropped significantly, falling to just 44% from 66% in early May. This big drop shows growing doubt and a more negative view about XRP’s chances of reaching new highs soon.
This cautious feeling is also clear in trading on Deribit, a popular platform for cryptocurrency options. Right now, only about 20% of the call options for the rest of the year bet on XRP breaking its record. Most traders expect the price to stay below that level for the rest of 2024, showing widespread doubt about a substantial price jump anytime soon.
XRP Follows Bitcoin’s Rally but Faces Volatility
Bitcoin recently broke its own January record, soaring to an impressive $109,000 on Wednesday. Typically, when Bitcoin experiences such strong gains, alternative cryptocurrencies like XRP tend to follow with similar upward momentum.
Over the last day, XRP has seen a modest increase of 2.6%, reaching around $2.40. However, despite this short-term rise, the coin has dropped by 6.3% compared to its value a week ago, showing some recent volatility. In comparison, other major Altcoins such as Ethereum and Solana have faced smaller declines during the same timeframe, falling 0.9% and 2.8%, respectively.
Ripple Court Ruling Clouds XRP’s 2025 Outlook
The exact cause behind the recent drop in positive sentiment remains uncertain. That said, a likely contributor could be a fresh hurdle in Ripple’s four-year-old protracted legal dispute with the Securities and Exchange Commission.
On May 15, District Judge Analisa Torres denied requests from both parties to lift an existing court injunction and reduce Ripple’s financial penalties. Importantly, this court decision coincided with a downturn in expectations for XRP’s ability to achieve a new price milestone in 2025.
Ripple’s Legal Chief Calls Setback a Minor Hiccup
Even with this recent hurdle, Ripple’s Chief Legal Officer, Stuart Alderoty, didn’t see it as a big problem, calling it just a small bump along the way. In a message on X on May 15, he said, “This is about procedural concerns with the dismissal of Ripple’s cross-appeal.”
He added that this decision doesn’t change the fact that Ripple has already won important points in the case. Alderoty also expressed confidence that Ripple will keep pushing forward and working hard to reach a positive outcome. According to him, the company is focused on the bigger picture and remains committed to defending its position.
Final Thoughts
While there is still activity around XRP, it’s not very likely to break its all-time high of $3.40 this year. Many traders and investors are feeling unsure about its chances to reach new highs soon. The recent court ruling against Ripple has made things more unclear, but Ripple’s legal team remains confident and plans to keep working on the case. With ongoing legal issues and market ups and downs, XRP’s price is expected to stay fairly steady for now.
