2024

XRP <a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/xrp-price-index">(XRP)</a> 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.
<figure><img alt="Ripple, XRP, Markets, Market Analysis, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/0193252b-a3ef-776a-a8fa-b017c5580ea6" title="">
 <figcaption style="text-align: center;">
 XRP 1-week chart. Source: TradingView
 </figcaption>
</figure>
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.
<h2 id="xrp-eyes-monthly-breakout-above-descending-trendline">XRP eyes monthly breakout above descending trendline</h2>
While XRP has moved significantly over the past week, the altcoin has consolidated between a rigid price range of $0.65 and $0.45 for most of 2024. However, the current monthly chart indicated that XRP is setting itself for a parabolic rally after the altcoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/xrp-price-breaks-3-5-year-downtrend-predicts-200" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/xrp-price-breaks-3-5-year-downtrend-predicts-200">broke a three-and-a-half-year</a> downtrend in Q3.
Mikybull, an independent crypto analyst, mentioned that XRP is currently “primed” for an explosive rally.
<figure><img alt="Ripple, XRP, Markets, Market Analysis, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/0193256b-d3de-7b8a-8694-42fde177cdd2" title="">
 <figcaption style="text-align: center;">
 XRP 1-month chart analysis by Mikybull. Source: X.com
 </figcaption>
</figure>
The trader added,
<blockquote>
 “<a data-ct-non-breakable="null" href="https://x.com/search?q=%24XRP&amp;src=cashtag_click" rel="noopener noreferrer nofollow" target="null" text="null" title="null">$XRP</a> is looking primed for giga send. Breaking out of the downtrend on RSI shows strength is in place. This thing gonna pull like Dogecoin.”
</blockquote>
The analyst <a data-ct-non-breakable="null" href="https://x.com/MikybullCrypto/status/1855997823491162415" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/MikybullCrypto/status/1855997823491162415">believed</a> 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 <a data-ct-non-breakable="null" href="https://x.com/HaraldoXRP/status/1856467263727018249" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/HaraldoXRP/status/1856467263727018249">conveyed</a> 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.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-market-cap-soars-new-all-time-high" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/crypto-market-cap-soars-new-all-time-high">Related: Crypto market cap hits $3.1T high, may soon surpass France’s GDP</a>
<h2 id="xrp-community-spikes-coin-discussions">XRP community spikes “coin discussions”</h2>
Data from <a data-ct-non-breakable="null" href="https://x.com/santimentfeed/status/1856515787814814152" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/santimentfeed/status/1856515787814814152">Santiment</a>, 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 <a data-ct-non-breakable="null" href="https://x.com/santimentfeed/status/1856515787814814152" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/santimentfeed/status/1856515787814814152">X post</a>, 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.
<figure><img alt="Ripple, XRP, Markets, Market Analysis, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/01932579-f4cc-7cdf-bc4f-8ef97018cf43" title="">
 <figcaption style="text-align: center;">
 XRP’s Social dominance chart by Santiment. Source: X.com
 </figcaption>
</figure>
On Nov. 13, the XRP open interest <a data-ct-non-breakable="null" href="https://www.coinglass.com/currencies/XRP" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.coinglass.com/currencies/XRP">reached a new yearly</a> high of $1.20 billion in the market, <a data-ct-non-breakable="null" href="https://www.coinglass.com/currencies/XRP" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.coinglass.com/currencies/XRP">triggering a massive spike</a> in the OI-weighted funding rate.
<figure><img alt="Ripple, XRP, Markets, Market Analysis, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/0193257e-8e15-7b5b-af4c-b2076d840018" title="">
 <figcaption style="text-align: center;">
 XRP open interest chart. Source: CoinGlass
 </figcaption>
</figure>
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.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/investors-crypto-markets-peaking-h2-2025" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/investors-crypto-markets-peaking-h2-2025">Related: Investors see crypto markets peaking in H2 2025: Survey</a>
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.

XRP 'god candle imminent' with $2 end of the year target — Analyst

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