XRP Price Soars 60% in a Week as Momentum Builds – Is $2 Imminent?

Highlights:

• The XRP price has risen 60% in a week as market activity rises.
• XRP’s open interest and volume surges, indicating new money flowing into the market.
• The analyst predicts a rally to $2 as momentum builds for a potential breakout.

The XRP price is in focus today, up 1.93%, to trade at $1.117 on Nov 21, as of 9 a.m. UTC. Its daily trading volume has notably soared 26% to $6.98 billion, suggesting heightened market activity. The Ripple token is now up 60% in a week, 112% in a month, and 83% in a year. 

The recent rise in XRP to $1.36 has traders excited, signaling a revival of market confidence. The cryptocurrency crossed $1 for the first time in years, an achievement that seemed impossible. The XRP price faces significant bullish cues that could trigger a rally. According to Coinglass data, XRP’s open interest and volume have surged, indicating that new money flows into the market. The open interest is up 2% to $1.90B, while the volume has increased 22% to $7.77B, cementing the potential bullish breakout. 

Elsewhere, renowned analyst @conorfkenny on X says XRP is forming a bullish pennant—momentum is building for a potential breakout to $2. 

XRP is forming a bullish pennant—momentum is building for a potential breakout! If confirmed, this pattern could push prices toward $2. 🚀 #XRP #Crypto pic.twitter.com/IFXp0dsly9

— Conor Kenny (@conorfkenny) November 21, 2024

XRP Statistical Data

Based on CoinmarketCap data:

• XRP price now – $1.12
• Trading volume (24h) – $6.98 billion
• Market cap – $63.74 billion
• Total supply – 99.99 billion
• Circulating supply – 56.93 billion
• XRP ranking – #6

After XRP reached a three-year high of $1.26 on November 16, the cryptocurrency slightly retraced, trading at $1.117 after a 60% weekly surge. This has left many investors wondering whether this is the start of a new bull run, as the sleeping giant has woken up. 

RSI Signals a Possible Pullback in the XRP Market

Based on the technical outlook, XRP has bullish potential, but a pullback is likely before the cryptocurrency makes its next big upward trajectory. Meanwhile, the Golden Cross in the XRP market validates the bullish thesis, as the short-term MA has crossed above the long-term MA.

Additionally, the bulls have established strong support at $0.62 and $0.56, coinciding with the 50-day and 200-day SMAs, respectively. This suggests that the bulls have the upper hand in the XRP market. 

However, traders are advised to exercise caution as the Relative Strength Index (RSI) pushes into the overbought region. The RSI sits at the 83.26 strength level, indicating a correction is imminent.  A retracement will likely follow, allowing XRP Coin to sweep through more liquidity as already sidelined investors rush to buy lower-priced Ripple tokens.

Meanwhile, traders are at liberty to hold their long positions in XRP intact, bolstered by the bullish outlook from the Moving Average Convergence Divergence (MACD) indicator. A buy signal validated the rally with the blue MACD line stepping above the signal line in orange. The momentum indicator has also been trending upwards into the positive region, with the green histograms increasing in size.

XRP Price Pushes Into a Consolidation Phase – Is $2 the Next Reach?

The XRP price might be cooling off after rallying to its 3-year high of $1.26, currently at $1.11. The slight retracement indicates that XRP is currently in a typical consolidation phase following a significant rally, providing investors an opportunity to enter the market before the next leg up.

If the bulls accumulate during this consolidation phase, the XRP price could surge, targeting $2 soon. Conversely, with the RSI sitting around the overbought zone, it is prudent to watch out for a retracement, as this signals that a slight pullback may occur. In such a case, the XRP price could fall, chasing the $0.88 support level.