XRP Price November Surge: A Deja Vu from 2017? Will History Repeat Itself in 2023?
The post XRP Price November Surge: A Deja Vu from 2017? Will History Repeat Itself in 2023? appeared first on Coinpedia Fintech News
It seems to be an XRP week; the coin got an excellent price pump during the DC Fintech week. Crypto traders and investors observed significant whale activity on November 10, with about 150 million XRP tokens being reshuffled among whales. This activity coincides with ongoing XRP price fluctuations following Ripple’s partial victory in the SEC vs. Ripple Labs lawsuit.
Recently, XRP has exhibited a pattern that has caught the attention of market analysts, signaling a potential substantial rally. The pattern, reminiscent of a setup seen in 2017, involves specific candlestick formations on the one-month chart. This setup in 2017 led to a remarkable 900% surge in XRP’s value.
2017 Vs. Current Cycle? What’s Happening in XRP Arena?
In the present cycle, the pattern started to unfold in July, marked by a significant increase in XRP’s value amid positive developments related to the Ripple vs. SEC legal case. However, this was followed by a retracement in August, similar to the correction observed in September 2017—subsequent attempts to recover faced resistance, resulting in a modest gain in September 2023.
October proved favorable for XRP, with several legal victories for Ripple contributing to a bullish run. This aligns with the historical pattern where November 2017 began a substantial surge. The momentum has carried into November 2023, with XRP showing a 9% increase.
Analyst’s Bullish PostPartum in Overhyped Market
Market analyst Tony, who identified this pattern, suggests that the massive surge observed in 2017, taking XRP to $2.4740, could repeat in the current cycle. The thin order books, short positions being covered, and fear of missing out are cited as potential triggers for this anticipated rally.
While Tony doesn’t explicitly state a price target, his chart projections imply that XRP might surge to the $4 range in November, with a subsequent rally potentially reaching the $6 territory in December. This would represent a substantial 816% increase from XRP’s current trading price of $0.6549. The analyst’s insights have sparked discussions about the potential for XRP to experience a notable bullish trend in the coming weeks.
XRP’s Surging Whale Activity and Latest Updates
In other news, approximately 24.7 million XRP was recently transferred from an unknown wallet (r4wf7enWPx…5XgwHh4Rzn) to the Mexico-based digital asset exchange Bitso, as reported by Whale Alert. Additionally, the same wallet transferred 23.4 million XRP to another centralized exchange, Bitstamp, headquartered in Luxembourg City.
XRP is currently experiencing a modest decline, standing at $0.6503 with a 6.68% decrease, accompanied by a 6.56% drop in market cap to $34.87 billion. Despite this short-term dip, XRP has shown resilience with an 8% increase in the last seven days and a significant 30% surge over the past 30 days.
The Ripple Swell conference in Dubai ended without an IPO announcement, creating market and investor concerns and potentially affecting XRP’s price.
Filed under: Bitcoin - @ November 11, 2023 6:59 am