Despite the continued decline in the cryptocurrency market, Ripple XRP has risen significantly in the last year. The price of XRP has increased nearly 300% since November 2024, making it one of the best performing cryptocurrencies. Despite falling 7% last week, analysts are still eyeing the coin’s explosive rally, with it expected to skyrocket in the coming months.
XRP’s incredible rise this year is most likely due to the SEC vs. Ripple lawsuit settlement. The SEC lawsuit has created a major hurdle for the price of XRP. The asset faced challenges even during the 2021 market rally. While most other assets hit new all-time highs, XRP was struggling to gain traction. With the lawsuit resolved, the popular cryptocurrency appears to have regained its footing. While the current market crash is alarming, we will likely see a recovery in the coming months.
According to cryptographer Hov on X (@HovWaves), XRP is holding steady near $2.20, providing a stable base for the rally. The key reference band for the pullback is defined by the Fibonacci retracement measured from the most recent vertical rise. Hov plots the 0.236 retracement at $2.094, 0.382 at $1.548, 0.5 at $1.213, and 0.618 at $0.950.
In an accompanying note, Hov emphasized that the last upwave from the $1.58 level has formed only three times to date, leaving room for “one more small micro low before it’s all over,” while adding that “we don’t see a break through the $1.58 low,” adding that “this move is likely to be called off” due to the wick. Continuing his analysis, Hov suggests that if XRP returns to its weekly close of $2.90, the floodgates could open to $5 or even $5.50.
CoinCodex analysts expect the price of XRP to settle around current levels for the next two weeks before rising again. The platform predicts that XRP will reach $2.64 on November 25th and fall again to $2.3 in early December. It would require an increase of approximately 11.8% from current price levels to reach $2.64. Additionally, the US SEC may approve one or more XRP ETFs in the coming weeks. ETF approval could lead to a surge in investor sentiment and institutional inflows. Such a development could lead to XRP regaining the $3 mark.
