The cryptocurrency market has faced a significant correction over the last day. Bitcoin’s (BTC) plummet to sub-$90,000 levels has set off a chain reaction. Other assets follow BTC’s downward trajectory. Ripple’s XRP token is one such victim. XRP’s price has dipped 9.7% in the weekly charts, 4.3% in the 14-day charts, and 19.7% over the previous month. Despite the recent correction, XRP has recovered 3% in the last 24 hours. The asset has also rallied by 325.7% since February 2024.
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Crypto Market Faces The Wrath Of Tariffs
The market dip came after the US reimposed tariffs on Canada and Mexico. The US had previously paused tariffs for 30 days. Bitcoin (BTC), Ripple’s XRP, and other assets have taken a substantial hit after the tariff announcement.
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The recent Bybit hack seems to have further fanned the flames of the market dip. The exchange lost nearly $1.4 billion worth of Ethereum-related assets in the attack. XRP also saw a price dip after what is now recognized as the largest such hack in crypto history.
XRP Predicted To Hit New All-Time High Of $4.20
Despite the lackluster market environment, Ripple’s XRP is expected to rally over the coming months. According to CoinCodex, XRP will hit a new all-time high of $4.20 on Apr. 15. XRP will rally by 82.61% if it hits the $4.20 target.
There is a high probability that the SEC will approve a spot XRP ETF this year. The move could lead to a significant rise in investor sentiment. An ETF could also lead to a surge in institutional investments. Such a development could substantially raise XRP’s price.
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There is also a chance that the asset will not rally as predicted. The market is yet to recover. Macroeconomic factors could also present significant hurdles to a market resurgence.
