Originally published on: November 29, 2024
XRP has soared to a new high of $1.90, marking a significant increase as the altcoin continues to display a higher high (HH) pattern. With a 40% surge this week, XRP is on track to potentially surpass BNB and secure its position as the fifth-largest cryptocurrency in the market.
The rise in XRP’s price is accompanied by positive onchain metrics, indicating a resurgence in the crypto asset. Data from xrpscan shows a notable increase in the number of active accounts on the XRP network, doubling in November from around 12,000 to 25,000 this month. Additionally, the influx of new users on the network is evident as the number of new accounts activated on the XRP ledger has spiked significantly.
The bullish sentiment surrounding XRP has been further fueled by Ripple’s strategic partnership with Archax and Bitwise’s announcement of rebranding its European XRP ETP to provide European investors with XRP exposure through a physically backed product.
The recent breakout in XRP’s price follows a bullish breakout from a bull flag pattern, signaling a potential further upside for the cryptocurrency. Analysts point to a target range between $1.95 and $2.05, with $2 being a key level to watch for.
While the short-term outlook for XRP looks promising, it is important to note that its mid-term and long-term charts show bearish divergences. Additionally, recent trading volume patterns suggest a distribution phase, indicating a possible market reversal in the near future.
As XRP continues to make waves in the cryptocurrency market, investors and traders are advised to conduct their own research and exercise caution when making investment decisions. Stay updated on the latest market insights by subscribing to our newsletter for critical information on investment opportunities, risk mitigation, and trading strategies.
