In an unexpected twist, XRP, the digital currency intricately linked with fintech company Ripple, saw a robust 8.14% surge at the beginning of this week. It concluded the day at an impressive $0.7149. This notable increase in value was the result of investor optimism regarding the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). But can XRP continue this uptick throughout this month?
XRP in November
When we scrutinize XRP’s historical performance in the month of November, it reveals intriguing insights. The average monthly return for the altcoin in November has been an astonishing 77.3%. However, adopting a more conservative estimate, the median monthly return stands at approximately -10.2%.
A more in-depth exploration of XRP’s price history over the past five years yields a mixed array of signals. Over this period, only one November, specifically in 2020, generated notably positive results. During that month, XRP witnessed a remarkable 178.3% surge. This further served as a reminder of the cryptocurrency’s potential for rapid and substantial gains.
The cryptocurrency community is currently abuzz with anticipation as attention is fixed on the forthcoming Nov. 9 deadline for the SEC and Ripple to jointly propose a Briefing Schedule. The outcome of this legal contest carries substantial implications for the future of the asset and its associated projects. This contributes to the growing optimism among investors.
On the subsequent Tuesday, XRP continued to display its bullish momentum, trading at $0.6942 with a noteworthy 4% daily surge. This is indicative of the increasing confidence among traders who see promise in this digital asset.
XRP to register only double-digit gains in November
Looking ahead to November, positive indications are prevalent. According to the analysis by Changelly, a well-known cryptocurrency exchange platform, XRP’s prospects for the month seem promising. The altcoin is expected to witness double-digit gains throughout November. Notably, during the third week of the month, XRP is forecasted to experience a substantial surge of over 30%. A pivotal date, Nov. 15, anticipates a significant spike of 21% for the altcoin, propelling XRP’s price to a high of $0.79288. Furthermore, the asset is projected to reach an even higher peak of $0.86502 within the same week.
While the cryptocurrency market inherently carries a reputation for volatility, XRP’s recent performance and the positive sentiment surrounding its legal battle with the SEC have attracted the attention of both seasoned and novice investors. Furthermore, as the month unfolds, the global crypto community watches attentively, eager to witness whether XRP can sustain its current bullish momentum and achieve new heights.