Despite the ongoing crypto market dip, Ripple XRP has gained significantly over the last year. XRP’s price has rallied by nearly 300% since November 2024, one of the best performances in cryptocurrency. Despite its 7% dip this past week, analysts are still eyeing explosive gains incoming for the coin, with a surge expected within the coming months.
XRP’s incredible rally this year is most likely due to the settlement of the SEC vs. Ripple lawsuit. The SEC lawsuit presented substantial hurdles to XRP’s price. The asset faced challenges even during the 2021 market rally. While most other assets were hitting all-time highs, XRP was struggling to gain momentum. With the lawsuit out of the way, the popular crypto seems to have found its footing again. Although the current market crash is concerning, we will most likely witness a recovery over the coming months.
Per crypto technician Hov on X (@HovWaves), XRP is holding firm near the $2.20 level, which provides a stable foundation for a rally. The key reference band for pullbacks is defined by Fibonacci retracements measured from the latest vertical advance. Hov plots the 0.236 retracement at $2.094, the 0.382 at $1.548, the 0.5 at $1.213, and the 0.618 at $0.950.
In his accompanying note, Hov stresses that the last rise from the $1.58 level has only formed three waves to date, leaving room for “one more small low on the micro before it’s all said and done,” while adding, “I don’t think it takes out the 1.58 low” and that, because of the wick, “we’re likely to see a truncation on this move.” Continuing in their analysis, Hov suggests that should XRP return to a weekly close at $2.90, it can open the floodgates to $5 and even $5.50.
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CoinCodex analysts anticipate XRP’s price to consolidate around current levels for the coming two weeks before rising again. The platform predicts XRP to hit $2.64 on Nov. 25, and then dip to $2.3 once again in early December. Hitting $2.64 from current price levels will entail a rally of about 11.8%. Furthermore, there is also a possibility that the US SEC will approve one or more XRP ETFs over the coming weeks. An ETF approval could lead to a surge in investor sentiment and institutional inflows. Such a development could lead to XRP reclaiming the $3 mark.