XRP Is Back to Where It Traded Two Weeks After the 2024 Election. Has the Entire Rally Disappeared?

XRP Price Drops Back to November 2024 Levels Amid Regulatory Uncertainty

Current Market State

XRP has dropped back down to $1.40, the price it reached in late November 2024, roughly two weeks after the 2024 U.S. election. Back then, XRP climbed from around $0.50 and surged past $2.50 in a matter of weeks. Now, that entire gain has vanished. As of October 9, 2026, XRP trades at $1.40, down 8% over the past week and 62% from its record high of $3.65 in July 2025. Additionally, it’s below the 2026 opening price of about $1.84, meaning XRP is down for the year. So, has the entire post-election rally been wiped out? The price surge from $0.50 had two main drivers. Investors were optimistic that the SEC’s lawsuit against Ripple would end with a more favorable administration, and they anticipated the launch of U.S. spot XRP funds. Both hopes materialized: the SEC case concluded in August 2025, and the first U.S. spot XRP exchange-traded fund (ETF) launched in November 2025. A spot ETF trades on a stock exchange like a stock and holds XRP directly, letting investors buy the coin through a regular brokerage account. Since launching, these funds have attracted about $1.79 billion, though their value has since dropped to around $1.66 billion as XRP’s price fell. One factor slowing momentum is Congress’s crypto market bill failing a Senate vote on September 15. This leaves the regulatory landscape for cryptocurrencies like XRP unclear. This uncertainty is causing some banks and funds to hold back from participating directly in the market. Furthermore, the initial buying frenzy around the ETF launch has tapered off. Inflows into the spot XRP funds stalled around $1.71 billion for several weeks in September, as most of the would-be buyers had already made their purchases at the debut. On one hand, the argument for why XRP is a bargain starts with its price history. When XRP first reached $1.40 in November 2024, the lawsuit was still ongoing, and there were no U.S. spot funds. Today, buyers can acquire XRP at the same price, with both obstacles removed, suggesting a stronger position than two years ago. On the other hand, the argument for XRP being fairly priced is just as straightforward. The market has had nearly a year to respond to the end of the lawsuit and the launch of the ETF, yet XRP’s price has still fallen. With a market value of about $89 billion, it seems buyers are paying for a coin that has already benefited from the positive changes, suggesting the price may reflect that reality. Recent data leaves the question unresolved. XRP has fallen roughly 8% over the past week, despite the catalysts still being in place, and spot XRP funds continued to attract money during this downturn. While the price increase has been undone, the progress that led to it remains. A holder who bought XRP at $1.40 in late November 2024 is back to even, yet now benefits from a closed SEC case and active U.S. spot funds. The quick money that drove XRP up to $3.65 has faded, and that buying enthusiasm isn’t currently present. Two key price levels could help clarify the situation. A weekly close above $1.84, the 2026 opening price, could signal that buyers are starting to appreciate those catalysts again.