Key Insights:
- XRP has averaged 81.3% growth over the last 12 years in November, making it the best-performing month.
- The cryptocurrency broke its 200-day EMA, signaling a possible bull run after a long consolidation period.
- Whale activity and the potential approval of an XRP ETF add to growing optimism for November price growth.
XRP ended October with a decline of 11%, which came as no surprise to market analysts, given that October is typically not a strong month for the cryptocurrency. However, November has historically been one of the most favorable months for XRP, known for recording its highest average monthly growth. According to Cryptorank data, XRP has posted an impressive average growth of 81.3% over the last 12 years, with 2024 marking a significant increase of 281.7%. This ranks as the second-highest monthly performance for the coin, trailing only the 531.9% growth of 2013.
XRP’s price has recently seen a breakout, pushing through the 200-day exponential moving average (EMA), a crucial technical resistance level. This movement from the $2.45 support zone suggests that a bullish rally could be imminent for the cryptocurrency. The 200-day EMA crossover has historically been a precursor to price surges, which is why many analysts are now predicting potential growth for XRP in the coming weeks. Currently, XRP’s price stands at $2.50, marking a modest 0.38% increase in the past 24 hours.
Possible Surge Toward $4.50
If XRP maintains the growth pattern seen in recent November, the coin could reach as high as $4.53 by the end of this month. This would align with its historical average growth, especially considering the 2024 performance. Market watchers are closely monitoring buying pressure, as XRP’s recent movements suggest a surge is possible if demand picks up. Although trading volume is down by 30.9% at $3.71 billion, traders remain hopeful that the coin will maintain upward momentum.
A key factor contributing to the optimistic outlook for XRP is the growing anticipation surrounding a potential XRP exchange-traded fund (ETF). The cryptocurrency community is eagerly awaiting an update from the SEC, as an ETF filing by Canary Funds has removed a previous delay amendment. This move could clear the path for the ETF to be approved by mid-November, further fueling market enthusiasm. The possibility of such a development has already impacted XRP’s market sentiment, strengthening investor confidence.
Whale Activity Sparks Debate
On October 29, a whale transaction sparked significant interest in the XRP market when 4,000,000 XRP, worth over $10.5 million, was moved into escrow. This action has prompted much speculation about the future trajectory of the asset. Some view this as a sign of confidence in XRP’s future price potential, while others remain cautious. Regardless, this whale activity highlights ongoing interest in the asset and hints at possible future bullish behavior.
