XRP price experienced a phenomenal rise of 190% in November 2024 due to the increased market interest and large wallet accumulation.
The asset surged past $1 for the first time in three years and hit $1.63 on 23 November. After this surge, XRP had some retracement and is currently trading around $1.55.
Analysts have tied the rally to sustained positive market sentiment and rising demand, especially from institutional investors.
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This surge has once again sparked debates regarding the XRP price prediction. The question is whether it will once again reach or cross its previous record high.
Analysts Highlight $1.63 as Key Resistance
Crypto analysts consider $1.63 to be the key resistance level for the XRP token. A move past this level may open the door for a push towards $2.
Crypto analyst Armando Pantoja pointed out the XRP price structure. It indicated a strong bull pattern which has been bolstered by whale accumulation. While technical indicators like the MACD and RSI have made a slight retreat, Pantoja remains hopeful.
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Source: X
Market analyst Dark Defender provided a breakdown of the XRP’s future movement on the four-hour price chart. He stressed that XRP should stay above the Fibonacci level at $1.44, pointing out that this level has been tested several times and has proven to be supportive.
In his view, trading above $1.44 on a sustained basis may push XRP towards the $1.63 resistance region.
After this level of $1.63, as per XRP price prediction and analysis by Dark Defender, believes that XRP may possibly aim for $1.88. He also notes that the least resistance lies within the $1.88 and $1.96 range which makes it easy for the price to move towards $2.
Source: X
Furthermore, from the 24-hour XRP chart, the upper and lower Bollinger Bands are wider than before which suggests high volatility. The price is currently near the upper band, which indicates that there is significant bullish pressure.
However this also presents a possible overbought signal. The price is likely to find support at $1.13, which is roughly along the middle of the Bollinger Bands and the 20-day SMA.
Whale Activity and Technical Setups Suggest $2 Could Be the Next Target
Whales have been on a buying spree, especially in November, where the holdings rose by over 700 million tokens. This trend makes an indication that investors have strong belief that XRP has strength to overcome the resistances and may reach to $2.
Technical analysts note that symmetrical triangles appear prior to major price swings as evidenced in the current chart
Mikkybull, a market analyst, observed that previous symmetrical triangle consolidation have resulted in sharp breakouts. The same pattern is being developed at the moment, so if the $1.63 resistance is broken through, XRP may well test the $2 range soon.
Such support levels as $1.44 will have to be held if the bullish trend is to continue to be sustained.
At press time, the price of XRP is at $1.61 with a 24 hour change of 10%. The market capitalization of the asset currently stands at $88.12 billion and the 24 hours trading volume is at $8.43 billion clearly indicating that there is continued investors’ interest.