XRP Price Increases 283% in November — Aims For December All-Time High

Key Takeaways

• The XRP price increased 280% in November.
• It became the third-largest cryptocurrency.
• Can the XRP price reach a new all-time high?

XRP closed its second-most bullish month ever in November, breaking out from a descending resistance trend line that had existed for over six years. The XRP price ascent continued in December, leading to a high of $2.49 today, Dec. 2.

In some positive XRP news, Ripple CEO Brad Garlinghouse tweeted  that he completed an interview with 60 Minutes about the crypto industry, regulatory clarity, and how that affects XRP. The episode has not aired yet, but it will likely do so soon.

With that in mind, let’s analyze the XRP price action and see how long the increase will continue and if it will lead to a new all-time high price.

XRP’s November Increase

The XRP price formed its second-largest monthly bullish candlestick in November, surging by 285%. This trailed only the December 2017 one, which had a magnitude of 730%.

At the time, XRP reached its all-time high of $3.31 before beginning the ongoing downward trend.

Last month, XRP also broke out from a symmetrical triangle that had existed since its all-time high. This confirmed that the correction is over and that a new upward movement has started. The increase continued in December and led to a high of $2.49.

From 2017 to 2018, the local top was created after the Relative Strength Index (RSI) generated a bearish divergence, and the Moving Average Convergence/Divergence (MACD) created a lower momentum bar. Neither has happened in the current movement.

What Analysts are Saying

XRP sentiment on X is euphoric because of the breakout and the fact that XRP is now the third largest cryptocurrency , surpassing USDT. Crypto Michael said  this is one of the most significant breakouts in crypto history. Credible Crypto says  the XRP chart is legendary, showing that 84 months of sideways price action has been erased in one candlestick.

Tony Edward gave a target  between $5 and $8 for the current cycle, suggesting that those calling for $589 or $1,000 will lose their profits. ElonTrades also warns of caution  since the previous time XRP increased similarly in a month, it roundtripped its gains in the next few months.

Let’s analyze the wave count and determine if the price is possibly nearing a local top.

XRP All-Time High?

The weekly time frame wave count shows a completed A-B-C-D-E sub-wave count contained inside a symmetrical triangle.

According to the count, the XRP price began its increase in July (white icon). The 1.61 external Fibonacci retracement of the correction gives a target of $5.22.

Similarly to the monthly one, the weekly time frame RSI reached an all-time high but has not generated any bearish divergence yet.

So, the upward movement may continue toward the target, which would represent a new all-time high.

The shorter-term wave count (white) shows a massively extended wave three, with 4.61 times the length of wave one. This is often the final Fibonacci extension for wave three.

The sub-wave count is in yellow, suggesting that XRP is in the final portion of its upward movement. An extended sub-wave count gives a target of $2.62.

The 12-hour RSI is generating bearish divergence (green), aligning with the predictions of a potential local top.

If this is the case, the XRP price will soon begin wave four, correcting toward $1.40 before starting the fifth and final wave of its increase.

Drop Before New Highs

The long-term XRP chart shows that the upward movement is legitimate and marks the end of a lengthy correction.

However, the short-term readings suggest an initial retracement is due before the XRP price resumes its ascent toward a new all-time high. A potential target for the new all-time high is $5.22.