As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I’ve seen my fair share of price movements and trends. The recent surge in XRP has caught my attention, and it’s hard not to get excited about its potential.
On November 12th, the price of XRP (XRP) momentarily approached its anticipated 2024 peak of $0.74, following a deceleration in Bitcoin’s daily bullish trend. In contrast to Bitcoin, XRP surged by 13.42%, touching upon a significant resistance level it has not breached for several months at $0.74.
If XRP is potentially closing at its highest weekly mark for the year 2024, a cryptocurrency expert has highlighted the possibility of an additional 200% surge in value from its present position.
XRP eyes monthly breakout above descending trendline
Over the last week, XRP has experienced substantial fluctuations. For much of 2024, it has been confined within a tight price band between approximately $0.65 and $0.45. Nonetheless, recent monthly trends suggest that XRP is gearing up for an exponential surge, as it has recently broken a three-and-a-half-year long downtrend in Q3, hinting at a potential parabolic increase.
According to the freelance crypto expert, Mikybull, there are signs indicating that XRP could experience a strong surge or upward trend in its value.
The trader added,
“$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.”
According to the analyst, it’s likely that an impressive surge, or “mega candle” as they call it, is about to happen for the altcoin. They predict that XRP could potentially reach a price of $2 by the end of the year.
Harry, a supporter of XRP, also shared similar market predictions and proposed that the cryptocurrency’s prolonged sideways trend for approximately 33 months might lead to a short-term retest at around $0.96. Moreover, he mentioned that if XRP were able to surpass its 2021 high of $1.96, it could potentially embark on a journey towards price discovery beyond this level.
XRP community spikes “coin discussions”
According to Santiment, a cryptocurrency analysis tool, there’s been a surge of enthusiasm within the XRP community following a 45% increase in the altcoin’s value over a week. In a recent post, Santiment pointed out that significant spikes in XRP’s social activity can serve as a crucial indicator of market peaks or troughs, particularly when considering exchange funding rates and social dominance scores.
On November 13th, the open interest for XRP hit an annual peak of $1.20 billion across the market, which significantly increased the OI-based funding rate, causing a significant surge.
In simpler terms, the drop in the funding rate could lead to a temporary decrease in XRP prices. Yet, the increase in open interest suggests an escalating appetite for leveraged XRP trades. This heightened demand might influence XRP’s price trend over the remaining weeks of 2024.
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2024-11-13 20:21