In a recent tweet, Santiment reported that XRP has made an impressive return to the $0.60 market value, marking its first visit to this price level since its stumble back on August 16th. As the token continues its journey back, the cryptocurrency community has witnessed a growing interest from whale investors. Notably, there are now record-breaking 277.62K wallets holding at least 10,000 tokens, underlining the increased participation and confidence in the digital asset.
As October draws to a close, enthusiasts have every reason to be pleased with the cryptocurrency’s performance. Throughout the month, it has surged by almost 14%, reaching its highest price point since August. This upward trajectory has left investors eagerly anticipating what November may have in store for this popular digital asset.
The month ahead holds the promise of an intriguing and complex journey for Ripple’s native token. Historical data from CryptoRank provides insight into what we can expect, with the average monthly return for XRP in November historically standing at an impressive 77.3%. Delving into the annals of its past reveals a mixed track record for November. Over the past five years, only one November in 2020 saw positive results, with a remarkable gain of 178.3%.
XRP: Analysts’ Predictions
Currently, its price has remained stable around the $0.59 mark, following the recent upswing in the overall cryptocurrency market. Analysts anticipate a positive outlook for the token as it heads into November 2023.
CrediBULL Crypto analyst noted that the XRP price is encountering a logical level of resistance, and this doesn’t necessarily imply a significant drop if the token fails to breach the resistance. Bolstered by the generally positive momentum in the crypto market over recent days, its price has surged by an impressive 7% in the past week. The analyst is optimistic about XRP’s prospects, stating that there is resistance ahead, with a potential breakthrough leading the way to highs around $0.90.
Market Prophit, known for ranking financial crypto bloggers, tweeted about XRP sentiment, indicating that both the crowd and smart money sentiment are bullish. This positive sentiment from market influencers further contributes to the optimism surrounding XRP.
Previously, analyst Pentoshi had predicted that a breakout above $0.54 could trigger a move to the $0.62 to $0.63 range for XRP. On November 1st, the token reached as high as $0.61 before experiencing a minor correction. However, this development suggests that XRP’s upward momentum remains intact, with the potential for further gains in the near future.
Related Reading | Over 80% Bitcoin Addresses Reap Record Profits