XRP (XRP) price briefly re-tested its 2024 yearly high of $0.74 on Nov. 12 after Bitcoin’s bullish momentum slowed on the daily chart. The altcoin outperformed BTC with a 13.42% uptick, retesting its multimonth resistance at $0.74.
XRP 1-week chart. Source: TradingView
With XRP possibly facilitating its highest weekly candle close of 2024, one crypto analyst underlined the potential for another 200% rally from its current price point.
XRP eyes monthly breakout above descending trendline
While XRP has moved significantly over the past week, the altcoin has consolidated between a rigid price range of $0.65 and $0.45 for most of 2024. However, the current monthly chart indicated that XRP is setting itself for a parabolic rally after the altcoin broke a three-and-a-half-year downtrend in Q3.
Mikybull, an independent crypto analyst, mentioned that XRP is currently “primed” for an explosive rally.
XRP 1-month chart analysis by Mikybull. Source: X.com
The trader added,
“$XRP is looking primed for giga send. Breaking out of the downtrend on RSI shows strength is in place. This thing gonna pull like Dogecoin.”
The analyst believed that a “god candle” was imminent for the altcoin, and XRP may target $2 by the end of the year.
Harry, an XRP proponent, also conveyed similar market insights and suggested that the altcoin’s 33-month sideways movement is set to re-test $0.96 in the short term. The web developer added that XRP would undergo price discovery beyond $1.96, i.e., its 2021 bull-market high.
Related: Crypto market cap hits $3.1T high, may soon surpass France’s GDP
XRP community spikes “coin discussions”
Data from Santiment, a crypto analytics platform, observed the rise of excitement from the XRP community after the altcoin demonstrated a 45% breakout in a week. In an X post, the platform highlighted that XRP’s social spikes can often be a key top or bottom signal depending on the exchange funding rate and social dominance score.
XRP’s Social dominance chart by Santiment. Source: X.com
On Nov. 13, the XRP open interest reached a new yearly high of $1.20 billion in the market, triggering a massive spike in the OI-weighted funding rate.
XRP open interest chart. Source: CoinGlass
Thus, XRP may witness a short-term correction as the funding rate cools off in the market. However, a rise in open interest indicated that demand for leveraged XRP positions is rising, which may dictate price action in the last few weeks of 2024.
Related: Investors see crypto markets peaking in H2 2025: Survey
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.