Ripple’s XRP is on the cusp of a major price breakout, and many analysts believe that the token could reach $1 before the year ends. After overcoming significant hurdles, including its legal battle with the US SEC, XRP is now positioned to take advantage of the bullish momentum in the cryptocurrency market, fueled by Bitcoin’s record highs and a strengthened market sentiment. Let’s take a closer look at the latest developments and what’s in store for XRP in the coming months.

A Strong Technical Setup for a Breakout

XRP has recently breached the $0.69 mark, a price level that has eluded the token in the past. This price action is viewed by many as the beginning of a larger rally, with XRP potentially on track to break key resistance levels in the near future. According to cryptocurrency analyst Egrag Crypto, XRP has already hit a high of $0.74, signaling that the token has broken through its “genuine wake-up line.” This is a crucial level that indicates a potential bullish reversal.

Egrag further predicts that XRP may experience some short-term volatility, with the token possibly testing lower levels around $0.60 before making its next move. However, the analyst remains optimistic about XRP’s long-term prospects, predicting that the token could reach between $1.3 and $1.5 by the end of 2024. This price target is based on a solid technical foundation and a clear breakout pattern that could propel XRP to new heights.

A Timeline for XRP’s Rise

Egrag Crypto has also outlined a timeline for XRP’s potential surge, with mid-December 2024 being a critical period. If XRP continues to maintain strong weekly closes above $0.60, a rally toward $1.2-$1.5 could be well within reach. The bullish outlook doesn’t stop there, as the analyst forecasts that XRP could ultimately soar even higher in the coming months, with a potential “macro Wave 3” driving the token toward three-digit price targets in the future.

The Role of Market Sentiment and Political Factors

In addition to technical indicators, market sentiment is also playing a significant role in XRP’s upward trajectory. The current bullish sentiment in the cryptocurrency market is further supported by extreme greed, with the Fear & Greed Index showing a high of 88. This could indicate strong investor confidence in XRP and other cryptocurrencies as the market looks to finish 2024 on a positive note.

Furthermore, political factors, including potential changes to the US SEC leadership, could provide an additional boost for XRP. Should former President Donald Trump fulfill his vow to replace SEC Chairman Gary Gensler, it could have a positive impact on XRP’s price as regulatory uncertainty begins to ease.

XRP’s November Price Outlook

For the short term, XRP is expected to continue its bullish momentum, with some analysts predicting a 15% price increase by the end of November 2024. This would see XRP hitting $0.80 by mid-December, setting the stage for further gains as we approach the new year.

With strong technical signals, positive market sentiment, and political developments aligning, XRP is primed for a breakout. If the token can maintain its momentum and close out the year on a high note, it could be the start of an even more exciting journey towards $1—and beyond. Stay tuned, as XRP’s potential for growth looks brighter than ever.