Ripple’s XRP token faced a correction over the last few days. The asset’s price has fallen 8% over the previous week. Despite the correction, XRP has rallied 0.6% in the daily charts, 11.7% in the 14-day charts, 11.8% over the previous month, and 343.2% since May 2024. The rally comes after Bitcoin (BTC) pushed ahead to the $107,000 mark.
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XRP Slides As SEC Delays ETF
XRP’s latest price dip came after the SEC announced it would delay its decision on three spot ETF applications for Dogecoin (DOGE) and XRP. The move came as a surprise to many, given that the SEC now has a pro-crypto head, Paul Atkins.
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The latest rebound came after Bitcoin (BTC) climbed to the $107,000 level. The original cryptocurrency is close to hitting a new all-time high. Ripple’s XRP token and the general crypto market could witness another bullish leg if BTC hits a new peak.
Will The Asset Reclaim $3 If Bitcoin Hits $110,000?
Ripple’s XRP token and BTC are not very closely correlated at the moment. BTC hitting a new peak does not confirm an XRP rally. That said, BTC reaching a new all-time high could lead to a surge in investor confidence that could lead to XRP hitting $3. XRP is currently down by 30.5% from its all-time high of $3.40. The asset hit its peak in January 2018, more than seven years ago.
According to CoinCodex, BTC could hit a new peak of $112,819 as early as May 23. This is merely an anticipation. CoinCodex’s forecast is not a confirmation that BTC will truly hit a new peak.
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CoinCodex, on the other hand, anticipates XRP to trade at $2.17 on May 23. XRP’s price will face an 8.8% correction if its price falls to $2.17.
