The post XRP Price Surge: A 400% Jump in November 2024 and What’s Next appeared first on Coinpedia Fintech News
XRP has seen an amazing 400% price surge in November 2024, making it the third-largest cryptocurrency by market value. It reached as high as $2.42 before stabilizing around $2.35. This huge hit came after many positive developments brewing around Ripple and XRP with talks of XRP ETFs, stablecoin launch, and IPOs, XRP future indeed looks bright.
Recent data from Santiment shows that in just three weeks, wallets holding between 1 million and 10 million XRP coins bought over 679 million tokens. Also, the number of wallets holding XRP has hit a new record of over 5.5 million. These signs show that many big investors are confident in XRP’s long-term potential and that it’s a good time to buy.
What Experts Are Saying
Dan Tapiero, a well-known investor, has praised XRP’s recent surge, pointing out that the market didn’t fully understand its potential before. He believes this 400% jump isn’t luck but a sign of XRP’s strong fundamentals. He believes that XRP’s price is overlooked by many and since it’s opening wings now it will be the best buy in the coming months.
Raoul Pal, the CEO of Real Vision, admitted he was wrong about XRP earlier this year and now sees its growth as significant. Earlier in 2024, Pal had dismissed XRP and Cardano (ADA) as “old cult coins” and urged investors to steer clear of them. However, with XRP’s remarkable rally and growing market influence, Pal admitted he was wrong in his earlier assessment.
In a series of X posts, Pal noted that the market conditions and developments surrounding XRP are changing and so is his stance. He referred to XRP’s recent rise as the “Banana Zone,” a playful term he used to describe a phase of explosive growth. Pal’s comments suggest that XRP’s recent performance has forced him to reconsider his XRP take, seeing it as a major player in the crypto space rather than a forgotten token.
Ripple’s Legal Wins Are Key
Tapiero further noted that XRP is rising because the biggest regulatory hurdle is at ease. Ripple recent legal victory is the root where the judge ruled that XRP is not a security (like stocks), and the SEC reduced its fine from $2 billion to just $125 million. These victories helped clear up legal doubts surrounding XRP and boosted investor confidence.
Adding to the good news, the head of the SEC, Gary Gensler, announced that he will step down in January 2025, which some believe could lead to more favorable regulations for cryptocurrencies. Another factor that’s driving the bulls are anticipated approval of Ripple’s stablecoin, RLUSD on Dec 4, which is pegged to the U.S. dollar.
What lies ahead for XRP?
With Bitcoin hovering around $95,000, the overall crypto market is looking positive. Moreover, at present XRP is holding strong above key support levels, showing continued buyer interest. If it stays above $2, the next target will be $5, and many believe this could be just the beginning of a much larger rally.
