XRP price briefly re-tested its 2024 yearly high of $0.74 on Nov. 12 after Bitcoin’s bullish momentum slowed on the daily chart. The altcoin outperformed BTC with a 13.42% uptick, retesting its multimonth resistance at $0.74.
With XRP possibly facilitating its highest weekly candle close of 2024, one crypto analyst underlined the potential for another 200% rally from its current price point.
XRP eyes monthly breakout above descending trendline
While XRP has moved significantly over the past week, the altcoin has consolidated between a rigid price range of $0.65 and $0.45 for most of 2024. However, the current monthly chart indicated that XRP is setting itself for a parabolic rally after the altcoin broke a three-and-a-half-year downtrend in Q3.
Mikybull, an independent crypto analyst, mentioned that XRP is currently “primed” for an explosive rally.
The trader added,
“$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.”
The analyst believed that a “god candle” was imminent for the altcoin, and XRP may target $2 by the end of the year.
Harry, an XRP proponent, also conveyed similar market insights and suggested that the altcoin’s 33-month sideways movement is set to re-test $0.96 in the short term. The web developer added 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, observed 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.
On Nov. 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.
Thus, XRP may witness a short-term correction as the funding rate cools off in the market. However, a rise in open interest indicated that demand for leveraged XRP positions is rising, which may dictate price action in the last few weeks of 2024.
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.
