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The general volatility in the cryptocurrency sector saw XRP price closing October in the red, down by 11%. The development did not come as a surprise to market watchers, as it was not a historically bullish month for the coin. However, November stands out as the month with the highest average monthly growth for the XRP price.
Can XRP price exceed $4.50 in November?
As per Cryptorank data, XRP boasts an average of 81.3% growth in the last 12 years. In 2024, XRP price recorded 281.7% growth, the second-highest in a single month for the coin. The 2013 record of 531.9% remains unbeaten to date.
If XRP replicates the performances of last year and finishes within its monthly average for November, the coin could change hands for $4.53.
Technically, XRP price might be set for a bullish rally as the asset broke one of the most important resistances of the year. Notably, its price breached the 200-day exponential moving average (EMA) after it pushed from its support zone of $2.45.
The jump signals the possibility of a massive rally in November after it had consolidated for several weeks. Historically, the crossover of the 200-day EMA usually precedes a price surge for XRP. This development suggests that the market conditions appear bullish for the coin to continue on an upward trajectory.
As of this writing, XRP price was changing hands at $2.50, which represents a 0.38% increase in the last 24 hours. The coin earlier hit a peak of $2.55 before losing a few cents to market volatility.
XRP traders are, however, still cautious, with trading volume down by 30.9% at $3.71 billion. The asset is likely to climb toward the critical $3 level if buying pressure increases for the coin.
Market sentiment strengthens amid ETF speculation
From all indications, interest in XRP could increase toward mid-November. Worth mentioning is the fact that the community anticipates that a spot XRP exchange-traded fund (ETF) could go live by Nov. 13.
This increased optimism came after Canary Funds filed an updated S-1 Form with the Securities and Exchange Commission (SEC) for an XRP ETF. The filing removed a delaying amendment, which could see automatic approval after 20 days, except that the SEC returns with additional comments.
Meanwhile, a bullish move was spotted in the XRP market on Oct. 29 as a whale withdrew 4,000,000 XRP valued at over $10.5 million. The user proceeded to lock the asset in escrow, prompting debates about the intention and implications for the market.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team