Originally published on: November 13, 2024
The price of XRP surged to $0.74 on November 12, approaching its yearly high of $0.74 amid Bitcoin’s bullish momentum slowdown. Outperforming BTC with a 13.42% increase, the altcoin is testing its resistance at $0.74.
Analysts are optimistic about XRP’s potential for a significant rally, with one predicting a 200% increase from its current position. Despite consolidating in a narrow range for most of 2024, XRP’s monthly chart suggests a parabolic breakthrough following a three-and-a-half-year downtrend.
According to expert Mikybull, XRP is on the verge of a major rally. He anticipates a “god candle” event for the altcoin with a projected target of $2 by year-end. Another XRP enthusiast, Harry, also foresees a move towards $0.96 in the short term, followed by a push beyond its 2021 high of $1.96.
Social media activity surrounding XRP has surged following a 45% breakout, with data from Santiment indicating a potential top or bottom signal based on social dominance and funding rates. Meanwhile, XRP’s open interest hit a yearly high of $1.20 billion, signaling increased demand for leveraged positions in the market.
While a short-term correction may be on the horizon as funding rates cool off, the rising open interest suggests continued bullish sentiment for XRP. As the year comes to a close, investors are eagerly awaiting XRP’s price action.
Disclaimer: This article does not offer investment advice. Readers are advised to conduct their research before making any financial decisions. Subscribe to our Markets Outlook newsletter for more insights and updates on the crypto market.
