In just 48 hours, XRP skyrocketed by 10%. The big players, whales and even sharks, are fuelling the rise. Why? Experts say the hype around the Ripple vs SEC lawsuit is making XRP hotter than ever. But did you catch this wave? The hype surrounding the Swell conference in Dubai, where Ripple might announce IPO plans, also propels XRP’s price.
Over the past five days, XRP, supported by Ripple Labs, has gained roughly 20%, trading at around $0.693. Ripple’s expanding presence in global cross-border markets has bolstered trust in XRP as an investment with limited supply.
Historically, Blockbuster November for XRP? If…
XRP, known for its historical performance in November, shows strong potential for further gains. With an average return of 71% in November, it’s historically one of the most profitable months for XRP holders, second only to December. XRP has already seen a significant uptick this year, gaining nearly 22% in the first week.
Breaking down the past data, we find that XRP has had three Novembers in its history with triple-digit returns for investors, the most recent being an impressive 178% surge in November 2020. If XRP closes November positively, it would mark a record-breaking three-month winning streak in 2023, following modest gains in September and a substantial 16.5% increase in October.
Interestingly, the last time XRP showed this sustained growth was in 2017, before the lawsuit. XRP surged 278% in February, 137% in March, and 378% in April before slowing down in May with gains of just 7%. The current bullish trend for XRP can be attributed to Ripple’s recent legal victories against the SEC, providing a positive backdrop.
Additionally, the Ripple Swell event scheduled for November 8 and 9 in Dubai is anticipated to bring significant announcements that could further boost XRP prices. Rumors of a potential IPO announcement during the event have already sparked trader speculation, indicating that XRP could be in for an eventful and potentially lucrative month.
Is $1 Incoming for XRP?
According to on-chain data provider Santiment, Ripple’s SEC litigation developments may have caused giant XRP whales to accumulate since mid-October. Additionally, 277,630 wallets had over 10,000 Bitcoins.
Fibonacci numbers suggest that XRP’s next primary objective is $0.94481, which might lead to a test of $1 and $1.0675 in the year’s first half. XRP might reach its November 2021 high of $1.255 if positive sentiment prevails, especially around the next Bitcoin halving event. The current price of $0.68 for XRP suggests bullish potential. Recent attempts to break $0.70 in the previous 24 hours have eroded resistance. XRP is well-positioned for a $1 push.