A 400% jump in November 2024 and what follows

XRP saw a staggering 400% price increase in November 2024, making it the third largest cryptocurrency by market cap. It reached as high as $2.42 before settling around $2.35. This huge success comes after many positive developments around Ripple and XRP with talk of XRP ETFs, stablecoin launches and IPOs, the future of XRP looks bright.

According to recent data from Santiment, wallets holding between 1 million and 10 million XRP coins bought more than 679 million tokens in three weeks. Also, the number of wallets holding XRP hit a new record of over 5.5 million. These signs show that many large investors are confident in XRP's long-term potential and that this is a good time to buy.

What experts say

Well-known investor Dan Tapero praised the recent rise of XRP, suggesting that the market did not fully understand its potential before. He believes this is a sign of XRP's strong fundamentals, rather than the possibility of a 400% jump. He believes that the value of XRP will be overlooked by many and will be the best buy in the coming months as it will open its wings.

Raoul Pal, the CEO of Real Vision, admitted earlier this year that he was wrong about XRP and now sees the development as significant. Earlier in 2024, Pal dismissed XRP and Cardano (ADA) as “old cult coins” and urged investors to stay away from them. However, with XRP's impressive rally and growing market influence, Pal admits he was wrong in his earlier assessment.

In a series of X posts, Pal said that the market situation and developments around XRP are changing and so is his position. He referred to XRP's recent growth as the “banana zone,” a playful term he used to describe the level of explosive growth. Pal's comments suggest that XRP's recent performance has forced him to reconsider his holdings of XRP, seeing it as a major player in the crypto space rather than a forgotten token.

Ripple's legal victories are key.

Tapero continues that XRP is increasing because the biggest regulatory hurdle is ease. Ripple's latest legal victory comes under the judge's ruling that XRP is not a security (like stocks) and the SEC reduced the fine from $2 billion to just $125 million. These victories have cleared legal doubts surrounding XRP and boosted investor confidence.

Adding to the good news, SEC chief Gary Gensler has announced that he will step down in January 2025, which some believe will lead to more favorable regulations for cryptocurrencies. Another factor driving the bulls is the expected approval of Ripple's stablecoin, RLUSD, pegged to the US dollar on December 4.

What's in store for XRP?

With Bitcoin hovering around $95,000, the overall crypto market looks positive. Moreover, XRP is currently holding strongly above key support levels, indicating continued buyer interest. If it holds above $2, the next target will be $5, and many believe this could be the start of a much bigger rally.

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