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<p class="is-style-lead">XRPLedger’s native token (<a rel="" href="https://crypto.news/price/xrp/">XRP</a>) gained 12% on Nov. 29 as the altcoin held steady above $1.7300, rallying alongside Bitcoin (<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>), Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>), Dogecoin (<a rel="" href="https://crypto.news/price/dogecoin/">DOGE</a>), and other leading cryptocurrencies.</p> 
<div class="wp-block-rank-math-toc-block" id="rank-math-toc">
 <h2 id="table-of-contents">Table of Contents</h2>
 <nav>
  <ul>
   <li><a href="#xrp-on-chain-indicators-signal-price-growth">XRP on-chain indicators signal price growth&nbsp;</a></li>
   <li><a href="#xrp-eyes-retest-of-april-2021-peak">XRP eyes retest of April 2021 peak</a></li>
   <li><a href="#xrp-derivatives-traders-turn-bullish">XRP derivatives traders turn bullish</a></li>
   <li><a href="#strategic-considerations">Strategic considerations</a></li>
  </ul>
 </nav>
</div> 
<h2 class="wp-block-heading" id="xrp-on-chain-indicators-signal-price-growth">XRP on-chain indicators signal price growth&nbsp;</h2> 
<p>XRP traders increased their on-chain activity between Nov. 16 and 29, and Santiment recorded several spikes in the active addresses metric. The spikes represent the increase in activity, accompanied by a spike in transaction volume across exchange platforms.&nbsp;</p> 
<p>The network realized profit/loss metric used to identify the net profit/loss of all tokens traded on a given day shows that XRP traders have been transacting profitably since Nov. 4. Positive spikes above the neutral line indicate traders’ profit-taking.&nbsp;</p> 
<p>Typically, large positive spikes are associated with the likelihood of higher selling pressure on XRP; traders need to watch this metric closely for signs of a reversal in trend.&nbsp;</p> 
<p>The ratio of daily on-chain transaction volume in profit to loss is 6.73, meaning profitable transactions are dominant as XRP price rallies.&nbsp;</p> 
<p>The on-chain metrics support a bullish thesis for XRP price alongside technical and other indicators.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/11/XRP-Ledger-XRP-20.39.17-29-Nov-2024.png" alt="XRP on-chain metrics" class="wp-image-14315023">
 <figcaption class="wp-element-caption">
  XRP price vs. active addresses, network realized profit/loss, ratio of daily on-chain transaction volume in profit to loss | Source: <a href="https://app.santiment.net/charts/9qzYDXdl__sCl" target="_blank" rel="nofollow">Santiment&nbsp;</a>
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="xrp-eyes-retest-of-april-2021-peak">XRP eyes retest of April 2021 peak</h2> 
<p>Technical indicators show the likelihood of an extended price rally and a retest of $1.9669, the April 2021 peak for the altcoin — a 12.85% rise from the current level. A successful break past this level could erase the losses for traders for the past three years.&nbsp;</p> 
<p>The relative strength index reads 88, meaning XRP is overvalued. While typically, this is considered a sell signal and could indicate an impending correction in XRP, the moving average convergence divergence (MACD) indicator signals further gains are likely.&nbsp;</p> 
<p>Green histogram bars above the neutral line support a thesis of XRP price rally.&nbsp;</p> 
<p>The $3 target is a psychologically important level for XRP; in January 2018, the altcoin hit a record high at $3. The altcoin has yet to revisit the level in the past six years.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="2168" height="1540" src="https://crypto.news/app/uploads/2024/11/XRPUSDT_2024-11-29_20-33-10.png" alt="XRP price chart" class="wp-image-14315024">
 <figcaption class="wp-element-caption">
  XRP/USDT daily price chart | Source: <a rel="" href="https://crypto.news/price/xrp/">Crypto.news</a>
 </figcaption>
</figure> 
<p>XRP could find support between $1.2643 and $1.4033 in the imbalance zone. A correction could send the altcoin to this support zone before further correction. Once the fair value gap is filled, XRP could resume its climb toward the April 2021 peak of $1.9669.&nbsp;</p> 
<h2 class="wp-block-heading" id="xrp-derivatives-traders-turn-bullish">XRP derivatives traders turn bullish</h2> 
<p>Coinglass data shows XRP derivatives traders on Binance and OKX are bullish on the altcoin. There is a likelihood of a rally in the spot market as derivatives traders’ long/short ratio crosses 1 on major exchanges.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1330" height="644" src="https://crypto.news/app/uploads/2024/11/Screenshot-2024-11-29-at-8.52.55 PM.png" alt="XRP derivatives data" class="wp-image-14315021">
 <figcaption class="wp-element-caption">
  XRP Derivatives data analysis | Source: <a href="https://www.coinglass.com/currencies/XRP" target="_blank" rel="nofollow">Coinglass</a>
 </figcaption>
</figure> 
<p>The open interest in XRP futures crossed $2.41 billion on Nov. 29. A rise in open interest is a sign of a higher relevance of the token and its rising demand among market participants.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="2714" height="658" src="https://crypto.news/app/uploads/2024/11/Screenshot-2024-11-29-at-8.57.02 PM.png" alt="XRP open interest in USD" class="wp-image-14315022">
 <figcaption class="wp-element-caption">
  XRP futures open interest (USD) | Source: <a href="https://www.coinglass.com/currencies/XRP" target="_blank" rel="nofollow">Coinglass</a>
 </figcaption>
</figure> 
<p> You might also like: <a rel="" href="https://crypto.news/experts-back-xrp-if-support-holds-but-bullish-alternatives-steal-the-spotlight/"> Experts back XRP if support holds but bullish alternatives steal the spotlight </a> </p> 
<h2 class="wp-block-heading" id="strategic-considerations">Strategic considerations</h2> 
<p>XRP’s three-month correlation with Bitcoin is 0.82, according to Macroaxis.com. This metric shows that a significant market movement in Bitcoin could impact the XRP price.&nbsp;</p> 
<p>Bitcoin started its recovery after the initial drawdown to the $90,700 level on Tuesday. If BTC records a major decline in its price in the coming weeks, the XRP price trend could be negatively impacted.&nbsp;</p> 
<p>Other market movers for XRP are the U.S. Securities and Exchange Commission’s lawsuit against Ripple and progress in regulatory clarity on crypto in the states.&nbsp;</p> 
<p> Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. </p>

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