XRP price chases $2 after bull flag breakout leads to new 2024 highs
XRP moves closer to $2 as new partnerships and a fresh round of trading volumes help send the altcoin to a new 2024 price high.
XRP rallied to a new year-to-date high at $1.68 after the altcoin continued to form a higher high (HH) pattern. The crypto asset is up 40% this week, and it may potentially flip BNB to become the fifth-largest cryptocurrency in the market.
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XRP active accounts rise 100% in November
While XRP price has increased 232% over the past 30 days, its onchain metrics also demonstrate a positive resurgence. Data from xrpscan, highlighted that the number of active accounts or unique senders on the XRP network increased from 15,592 on Nov. 1 to as high as 47,044 on Nov. 16.
The overall average of active accounts doubled in November, rising from around 12,000 to 25,000 this month. Similarly, the number of new accounts activated on the XRP ledger registered a significant spike in November, inferring the influx of new users on the network.
The bullish sentiment around XRP has also picked up from Ripple’s strategic partnership with Archax to launch a tokenized money market fund on the XRP ledger.
Additionally, Bitwise, a crypto index fund manager, announced on Nov. 7 that it would rebrand its European XRP ETP, giving European investors XRP exposure through a physically backed product.
XRP eyes $2 but overbought conditions point to “distribution”
XRP’s recent breakout occurred after the price exhibited a bullish breakout from a bull flag pattern. A new higher high formed indicates a bullish continuation in the chart, which opens the possibility of further upside.
Based on the Fibonacci extension rule from its trend swing low at $1, XRP’s immediate target lies between $1.95 and $2.05, comprising its previous bull-runs market top at $1.97, which will act as overhead resistance.
Mikybull, an independent crypto analyst, also mentioned the possibility of a $2 target and said,
“$XRP 2017 kind of rally vibes. Hit $2, experience a pullback, and then continue its vertical hated rallies to a new cycle top of probably $10.”
However, it is important to note that its mid-term and long-term charts illustrate clear bearish divergences.
Another important analysis is that price and trading volume have illustrated inverse correlation since Nov. 16. It indicates that XRP is experiencing a distribution phase, where the market traders are potentially looking to sell.
Thus, the probability of a bearish market reversal increases, considering that trading volumes over the past three days were the lowest since Nov. 10.
