XRP (XRP) price briefly retested its 2024 yearly high of $0.74 on November 12 as Bitcoin’s bullish momentum slowed on the daily chart. The altcoin outperformed BTC with a 13.42% gain, retesting months of resistance at $0.74.
XRP 1 week chart. Source: TradingView
With XRP likely to push for a close of its highest weekly candle of 2024, one cryptocurrency analyst has highlighted the potential for another 200% upside from its current price.
XRP is targeting a monthly breakout above the descending trend line.
While XRP has moved significantly over the past week, the altcoin has been consolidating between a tight price range of $0.65 to $0.45 for most of 2024. However, the current monthly chart shows that XRP is gearing up for a parabolic rally after the altcoin breached $3. -Semi-annual decline in the third quarter.
Independent cryptocurrency analyst Mikybull noted that XRP is currently poised for an explosive rally.
Mikybull’s XRP 1-month chart analysis. Source: X.com
The merchant added.
“$XRP is preparing for gigatransfers. A breakout of the RSI’s downtrend indicates strength. This is going to be like Dogecoin.”
The analyst believed that a “God candle” was imminent for altcoins and that XRP could target $2 by the end of the year.
XRP proponent Harry also delivered similar market insights and suggested that the altcoin’s 33-month sideways move would lead to a near-term retest of $0.96. The web developer added that XRP will undergo price discovery above $1.96, the 2021 bull market high.
Related: Cryptocurrency market cap could reach $3.1 trillion, soon surpassing France’s GDP.
“Coin discussions” surge in XRP community
Data from cryptocurrency analytics platform Santiment shows excitement in the XRP community rising after the altcoin surged 45% in a week. In the
Santiment’s XRP social dominance chart. Source: X.com
On November 13, XRP open interest reached a yearly high of $1.2 billion in the market, resulting in a significant surge in OI-weighted funding ratios.
XRP open interest chart. Source: Coinglass
Therefore, XRP may witness a short-term correction as funding rates cool in the market. However, the increase in open interest indicates growing demand for leveraged XRP positions, which could dictate price action in the final weeks of 2024.
Related: Investors believe cryptocurrency market will peak in 2nd half of 2025: Survey
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