Originally published on: November 29, 2024
XRP has soared to new heights in 2024, hitting a peak of $1.68 following a breakout from a bullish flag pattern. The altcoin has seen a remarkable 40% surge this week alone, raising speculation that it could overtake BNB as the fifth-largest cryptocurrency in the market.
On the 4-hour chart, XRP’s price movement has shown a clear uptrend, with onchain metrics also reflecting a positive trend. The number of active accounts on the XRP network has more than doubled in November, signaling growing interest and adoption of the cryptocurrency.
Ripple’s recent strategic partnerships have further boosted sentiment around XRP, with plans to launch a tokenized money market fund. Additionally, Bitwise’s introduction of a European XRP ETP has made it easier for European investors to gain exposure to XRP through a physically backed product.
The recent breakout from the bull flag pattern has set XRP on a bullish trajectory, with a target range between $1.95 and $2.05 in sight. While there are indications of a possible bearish reversal in the mid-term and long-term charts, analysts remain optimistic about XRP’s potential to hit the $2 mark.
As trading volumes show an inverse correlation with price movement, there is a possibility of a distribution phase where traders may start selling XRP. However, the overall bullish sentiment and technical indicators suggest that XRP’s upward momentum may prevail in the near term.
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