XRP News: Ripple Mirrors 2017 Surge, Reaching $3.40 but Faces Sustainability Challenges

Ripple’s XRP cryptocurrency has shown a remarkable surge in November 2024, mirroring its 2017 breakout but on a much larger scale. While the price has reached new heights, sustainability remains a key concern.

Ripple Mirrors 2017 Pattern: Will XRP Avoid a 2018-Style Crash?

Ripple’s [XRP] November 2024 breakout is unfolding in a pattern strikingly similar to its 2017 surge, but this time, it’s more than twice as large. In Q4 2017, XRP saw a massive parabolic surge, closing at an all-time high of $3.30 by mid-Q1 2018. Fast forward to Q4 2024, and Ripple has already delivered a 697% rally to $3.40, driven by real-world adoption and the SEC lawsuit. Yet sustaining this level remains a key challenge. Despite Trump’s pro-Ripple stance, XRP was trading at $2.52, down 35.2% from its peak.

XRP Investors Enlarge Realized Profits Despite Potential US Crypto Reserve Inclusion

XRP investors have increased their total realized profits to $2 billion since the beginning of the week. The bullish sentiment surrounding its potential inclusion in the US strategic crypto reserve helped XRP record gains despite heavy profit-taking. If XRP holds the upper boundary of a descending channel as support, it could tackle the $2.95 resistance. Several investors resumed distributing their holdings following its recent rise, booking over $700 million in profits on Wednesday.

XRP Price Ready To Bounce Back Above $3

The XRP price is poised for a surge as bulls aim to maintain momentum at a critical resistance level. Recently, the cryptocurrency faced market downside pressure but if it breaks above its descending resistance, analysts predict it could rebound above $3 soon. A pseudonymous TradingView analyst, MyCryptoParadise, has outlined a potential surge towards $3.3 for XRP, highlighting key support and resistance levels in a chart.

XRP Price Slips, But Buyers Hold Ground—Is a Rebound Coming?

XRP price started a fresh recovery wave from the $2.20 zone and climbed above the $2.40 resistance level, but struggled to clear the $2.50 zone. The price corrected some gains and dipped below $2.550, breaking below a connecting bullish trend line with support at $2.550 on the hourly chart. The pair might continue to move up if it clears the $2.5350 resistance zone.