XRP's price touched its 2024 peak of $0.74 on November 12, briefly surpassing Bitcoin's gains. The digital currency saw a 13.42% surge, prompting some analysts to speculate a potential further rally of up to 200%, according to current market trends.
Throughout the past year, XRP has been fluctuating between $0.45 and $0.65. Recent movements suggest a shift is underway, as the currency broke a long-standing downtrend in Q3, signaling a possible uptrend trajectory. Independent analyst Mikybull observed that XRP is positioned for a significant upward move.
Mikybull commented, “XRP is primed for a massive breakout. The breakout from a downtrend on RSI suggests growing strength, reminiscent of past performances, such as Dogecoin's surge.”
Harry, an XRP advocate, echoed this sentiment, anticipating a challenge of $0.96 soon. He predicts that the cryptocurrency could surpass its 2021 high of $1.96, as it re-enters price discovery territory.
Recent data highlights the enthusiasm within the XRP community. Santiment, a crypto analytics firm, noted a 45% increase in XRP discussions.
Social dominance often signals market highs or lows, dependent on funding rates and social interaction metrics.
On November 13, XRP's open interest soared to $1.20 billion—its highest in 2024. This escalation suggests a potential short-term price correction, though escalating open interest implies growing demand for leveraged positions, likely influencing XRP's price as 2024 concludes.