- XRP has surged nearly 300% since November 2024, despite a recent 7% drop.
- The resolution of the SEC lawsuit against Ripple has significantly boosted XRP’s market performance.
- Technical analysis points to strong support around $2.20, with potential for further gains if prices close above $2.90.
- Price predictions suggest consolidation near current levels before a possible rally to $2.64 by late November.
- Approval of XRP exchange-traded funds (ETFs) by the US SEC could drive institutional investment and push prices above $3.
XRP, the cryptocurrency linked to Ripple, has experienced a substantial price increase of nearly 300% since November 2024. This growth comes despite a 7% decrease in the past week and the broader downturn in the cryptocurrency market. The rally is largely attributed to the settlement of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC), which had previously weighed on XRP’s price performance.
Before the lawsuit resolution, XRP struggled to gain momentum during the 2021 market rally, unlike many other digital assets reaching record highs. Now, with legal uncertainties settled, XRP appears more stable, though the recent market dip signals ongoing volatility. However, analysts expect a market recovery in the coming months.
Crypto technician Hov on X (X) highlights that XRP price is holding steady near $2.20, which acts as a solid support level for potential upward movements. Using Fibonacci retracements—a technical analysis tool measuring price pullbacks—Hov identifies key levels at $2.09 (0.236 retracement), $1.55 (0.382), $1.21 (0.5), and $0.95 (0.618). He notes that current price waves suggest only a minor decline is expected before a larger rally, stating, “I don’t think it takes out the 1.58 low”.
If XRP can close above $2.90 on a weekly basis, this could trigger further increases, possibly to $5 or $5.50, according to Hov’s analysis. CoinCodex analysts predict that XRP will maintain its current price range for about two weeks before rising to $2.64 around November 25, followed by a short decline back to $2.30 in early December. Such movement would represent an 11.8% rally from current prices.
Another factor that could impact XRP’s price is a potential US SEC approval of one or more XRP exchange-traded funds (ETFs) in the near future. ETF approval typically increases investor confidence and institutional participation, possibly enabling XRP to surpass the $3 price mark.
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