XRP Price Briefly Tests 2024 Yearly High of $0.74
The price of XRP has been on an upward trajectory in recent times, with the altcoin briefly re-testing its 2024 yearly high of $0.74 on November 12. This move comes after Bitcoin’s bullish momentum slowed down on the daily chart. Interestingly, XRP outperformed BTC with a significant 13.42% uptick, re-testing its multimonth resistance at $0.74.
XRP 1-Week Chart Analysis
As we take a closer look at the 1-week chart of XRP, it’s clear that the altcoin has been on a remarkable run. With its highest weekly candle close of 2024 still within reach, one crypto analyst has highlighted the potential for another 200% rally from its current price point.
XRP Eyes Monthly Breakout Above Descending Trendline
Despite consolidating between a rigid price range of $0.65 and $0.45 for most of 2024, XRP’s monthly chart indicates that it is setting itself up for a parabolic rally after breaking a three-and-a-half-year downtrend in Q3. Mikybull, an independent crypto analyst, believes that XRP is currently ‘primed’ for an explosive rally.
XRP 1-Month Chart Analysis by Mikybull
As shown in the chart analysis provided by Mikybull, XRP has been making significant gains over the past month. The trader adds, ‘$XRP is looking primed for giga send. Breaking out of the downtrend on RSI shows strength is in place. This thing gonna pull like Dogecoin.’ This statement suggests that XRP may be on the verge of a massive price surge.
A ‘God Candle’ Imminent?
The analyst further believes that a ‘god candle’ is imminent for the altcoin, and XRP may target $2 by the end of the year. While this prediction may seem ambitious, it highlights the potential for XRP to break out of its current price range and make significant gains in the short term.
Harry’s Insights on XRP’s Price Discovery
Harry, an XRP proponent, also shares similar market insights and suggests that the altcoin’s 33-month sideways movement is set to re-test $0.96 in the short term. The web developer adds that XRP would undergo price discovery beyond $1.96, i.e., its 2021 bull-market high.
XRP Community Spikes ‘Coin Discussions’
Data from Santiment, a crypto analytics platform, observes the rise of excitement from the XRP community after the altcoin demonstrated a 45% breakout in a week. In an X post, the platform highlighted that XRP’s social spikes can often be a key top or bottom signal depending on the exchange funding rate and social dominance score.
XRP’s Social Dominance Chart
As shown in the chart provided by Santiment, XRP’s social dominance has been increasing steadily over the past few weeks. This suggests that the community is becoming more engaged with the altcoin, which may have a positive impact on its price action.
Open Interest and Funding Rate Analysis
On November 13, the XRP open interest reached a new yearly high of $1.20 billion in the market, triggering a massive spike in the OI-weighted funding rate. This indicates that demand for leveraged XRP positions is rising, which may dictate price action in the last few weeks of 2024.
Conclusion
In conclusion, XRP’s price action has been impressive over the past few weeks, with the altcoin briefly testing its 2024 yearly high of $0.74. With a potential for another 200% rally from its current price point and a ‘god candle’ imminent, XRP may be on the verge of a significant price surge. However, it’s essential to remember that every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. The views expressed in this article are those of the author and may not reflect the opinions of other experts or analysts in the field.
What’s Next for XRP?
As we move forward, it will be essential to keep an eye on XRP’s price action and its potential to break out of its current price range. With a rising open interest and increasing social dominance, XRP may be poised for significant gains in the short term. However, it’s crucial to remember that the crypto market is highly volatile, and prices can fluctuate rapidly.
Key Takeaways
- XRP has briefly tested its 2024 yearly high of $0.74.
- The altcoin outperformed BTC with a 13.42% uptick.
- Mikybull believes that XRP is ‘primed’ for an explosive rally.
- A ‘god candle’ may be imminent, and XRP may target $2 by the end of the year.
- Harry suggests that XRP’s 33-month sideways movement is set to re-test $0.96 in the short term.
- XRP’s social spikes can often be a key top or bottom signal depending on the exchange funding rate and social dominance score.
Recommendations
While this article does not contain investment advice or recommendations, it’s essential to conduct thorough research before making any decisions. With XRP’s potential for significant gains in the short term, it may be worth considering adding the altcoin to your portfolio. However, it’s crucial to remember that every investment and trading move involves risk.
Final Thoughts
In conclusion, XRP’s price action has been impressive over the past few weeks, with the altcoin briefly testing its 2024 yearly high of $0.74. With a potential for another 200% rally from its current price point and a ‘god candle’ imminent, XRP may be on the verge of a significant price surge. It’s essential to keep an eye on the altcoin’s price action and its potential to break out of its current price range.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. The views expressed in this article are those of the author and may not reflect the opinions of other experts or analysts in the field.
Sources
- Santiment
- Mikybull
