XRP Price Surges 364% in November, Targeting $4.30 Amid ETF Buzz

Peter Brandt, a veteran trader, identified a multi-year flag-and-pole breakout pattern, signaling the potential for continued upward momentum. With XRP up over 70% in just one week, industry experts are urging the approval of a spot XRP ETF to further capitalize on the rally. Bitwise, Canary, and 21Shares have already filed ETF applications, and Pro-XRP lawyer Jeremy Hogan predicts regulatory approval by mid-2025.

A Comeback Story: XRP’s Journey to the Top

XRP’s current rally has brought back memories of its pre-SEC lawsuit dominance. Historically, XRP was the second-largest cryptocurrency by market capitalization until Ethereum overtook it in late 2018. However, the ongoing SEC lawsuit since 2020 caused XRP to drop as low as $0.17.

Fast forward to today, XRP has reclaimed its spot as the third-largest cryptocurrency. This resurgence is attributed to Ripple’s successful legal battle and XRP’s pivotal role in cross-border payment systems. Attorney John Deaton highlighted XRP’s early days as a preferred choice for businesses, with its ledger offering unmatched settlement speeds.

Despite regulatory challenges, XRP’s remarkable comeback demonstrates its resilience and market relevance, with analysts now eyeing $4.30 as the next milestone.

Daily Technical Outlook: XRP/USD

XRP/USD is trading at $2.43, marking a 70% gain over the week and 29.50% in the past 24 hours. The breakout above the $2.29 pivot point signals robust bullish momentum. Immediate resistance is at $2.50, followed by $2.62 and $2.75. On the downside, support levels are at $2.29, $2.12, and $1.95.

The RSI stands at 72.34, signaling overbought conditions that may lead to short-term profit-taking. The 50-day EMA at $1.86 reinforces medium-term support, while the steep ascending channel highlights sustained upward momentum.

Key Insights:

• Resistance Levels: $2.50, $2.62, $2.75.

• Support Levels: $2.29, $2.12, $1.95.

• Momentum: RSI at 72.34 indicates overbought levels; 50-day EMA supports bullish sentiment.

XRP’s explosive rally has sparked renewed interest, but caution is advised as overbought conditions could lead to short-term pullbacks before resuming the uptrend.