Price surges align with rising search interest.
Recently, the price of cryptocurrency $XRP has seen an astonishing increase, rising over 91% in the past week to reach $1.2198, marking the highest point since early 2021. This surge has surprised investors, as $XRP quickly broke through key resistance levels of $0.7468 and $1.1290. Additionally, according to Google Trends data, the search interest in Ripple on November 17 reached a perfect score of 100, indicating unprecedented public attention.
Source: Google Trends The search trends for Ripple and $XRP have both shown significant increases.
Multiple factors are driving the rise of $XRP.
The rise in $XRP's price and public interest can be attributed to multiple factors. One key factor is the massive accumulation by large investors (commonly known as 'whales'). According to data provided by Santiment, they recently invested over $526 million (approximately NT$15.8 billion) to purchase $XRP, indicating their strong confidence in the asset's future potential.
Technical indicators also show a bullish outlook. Veteran trader Peter Brandt pointed out that $XRP is forming a 'massive consolidation,' suggesting a parabolic rise may be imminent. He emphasized that $XRP has already surpassed the 2023 high, and once it exceeds the 2021 high of about $1.6, the price may surge significantly, potentially reaching $9.
Source: Peter Brandt Peter Brandt states that $XRP is forming a 'massive consolidation,' indicating that a rise may be imminent.
Additionally, according to another analyst Tony Severino, the price of $XRP has broken through the Kumo resistance on the monthly Ichimoku cloud chart, a barrier that has been difficult to overcome since 2021. This breakout suggests a potential long-term bullish reversal.
Source: Tony Severino Tony Severino states that the price of $XRP has broken through the Kumo resistance on the monthly Ichimoku cloud chart.
Analysts are optimistic about future trends.
Market analysts are optimistic about the future performance of XRP. Cryptocurrency analyst Dark Defender, based on the Elliott Wave theory, believes that after a brief correction, $XRP is expected to rise to $1.88. Another analyst, Egrag Crypto, predicts that after breaking the $1 mark, $XRP may further climb to $4.
More aggressive predictions suggest that $XRP could reach $10 or even higher, similar to the massive increase in 2017. The open interest amount for $XRP futures has also reached a new high of $1.53 billion, demonstrating strong growth in market participation and trader confidence.
Source: Egrag Crypto Egrag Crypto predicts that $XRP may further rise to $4.
Global Attention and Future Outlook
$XRP's price and public interest have risen globally, with high search interest appearing in countries such as Australia, Canada, South Africa, the United States, and Russia. Despite the recent surge being exciting, $XRP remains below its historical high of $3.84, indicating room for further growth.
Market analysts attribute this upward trend to Ripple's positive developments in legal proceedings and the increasing adoption of $XRP in cross-border transactions. Investors are closely watching whether $XRP can maintain this momentum and potentially set new historical highs after nearly seven years.
Although some retail investors believe the rally may be hard to sustain and choose to sell, the continued rise has triggered 'Fear of Missing Out' (FOMO), further pushing prices up. Conservative estimates suggest that $XRP could reach $5 to $10, while more optimistic predictions foresee a rise to $300.
[Disclaimer] The market has risks, and investment should be cautious. This article does not constitute investment advice; users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investments made based on this content are at one's own risk.
The article 'XRP Investment Heat Rising! Google Searches Reach New Highs, Analysts Optimistic About This Price Point' was first published in 'Crypto City'.
