Originally published on: November 29, 2024
XRP has surged to a new high of $1.91, marking a significant rally as the altcoin continues to form a higher high (HH) pattern. With a 40% increase this week alone, XRP is on track to potentially surpass BNB as the fifth-largest cryptocurrency in the market.
The recent surge in XRP price is not the only positive indicator for the cryptocurrency. Onchain metrics show a positive resurgence, with the number of active accounts on the XRP network spiking from 15,592 to 47,044 in November. This increase in active accounts is a testament to the growing interest and adoption of XRP.
Moreover, Ripple’s strategic partnership with Archax to launch a tokenized money market fund on the XRP ledger has contributed to the bullish sentiment surrounding XRP. Additionally, Bitwise’s rebranding of its European XRP ETP offers European investors a physically backed product for XRP exposure.
The recent breakout of XRP price from a bull flag pattern signals a bullish continuation, with a new higher high suggesting the possibility of further upside. Analysts predict a target range between $1.95 and $2.05, with $2 as a key resistance level to watch.
While the short-term outlook for XRP is bullish, some caution is advised as mid-term and long-term charts show bearish divergences. Furthermore, the recent inverse correlation between price and trading volume indicates a potential distribution phase, where market traders may be looking to sell.
In conclusion, while XRP’s price surge is impressive, it is essential for investors to conduct their own research and exercise caution when making investment decisions. Stay updated with the latest market insights by subscribing to our newsletter for critical analysis and trading strategies.