As Bitcoin's bullish momentum slows, XRP has retested its yearly high. Experts believe there could be further significant growth ahead.
XRP Eyes Monthly Breakout
Throughout 2024, XRP has been in a tight price range. However, analysts argue that current market conditions might favor a parabolic surge in XRP. Independent crypto analyst Mikybull noted that XRP is primed for an 'explosive rally.' Many predict XRP could reach $2 by year's end.
XRP Community Spurs Discussions
Santiment platform recorded increased XRP discussion activity after a significant 45% surge within a week. Data indicate that social spikes can serve as markers for key market moments depending on the funding rate and social dominance.
Relevance of XRP Open Interest
On November 13, XRP's open interest reached a new yearly high of $1.20 billion, triggering a spike in the OI-weighted funding rate. This suggests a rising demand for leveraged positions, which may influence price dynamics in the last weeks of 2024.
In the near term, XRP might continue to rise or face a short-term correction. Nevertheless, increasing interest in the cryptocurrency signals potential changes in its market activity.
