November has been the best month for the XRP price in over three years. In terms of the best month, the XRP price has undergone a bullish surge to peak at $1.6, a move many wouldn’t have predicted at the beginning of the month. Although it has since retraced a bit from this $1.6 yearly peak, the XRP price is still largely bullish, and many investors are patiently waiting for the next leg up.
However, from a technical perspective, analysis of the XRP price suggests patience over FOMO at this point. Particularly, a crypto analyst has revealed that the best price point to get in is just below a newly formed symmetrical triangle formation.
Crypto Analyst Reveals When To Buy XRP
XRP has surged significantly in recent weeks, marking a remarkable 230% price gain since the beginning of November. According to Xanrox, who relayed his outlook regarding the XRP price on TradingView, XRP’s rally has deeper implications beyond its technical bullishness. He noted that XRP, which has the same logo as Twitter’s “X,” has sparked conspiracy theories among skeptics who link the cryptocurrencies to being under the control of shady entities.
Xanrox’s analysis is based on being ready for a potential manipulation by XRP whales. From a technical perspective, Xanrox highlighted the formation of a symmetrical triangle near the $1.10 mark, which is a critical level where retail traders might set their stop-loss orders.
However, this pattern is significant because whales might also be looking to manipulate the price at this point and capture liquidity. As such, Xanrox warned that the XRP price is likely to dip below this level to trigger stop losses set up by many retail traders. He urged traders to be cautious, as this deliberate price dip could trap retail traders who might be manipulated by XRP whales.
A key aspect of Xanrox’s analysis is the existence of two unfilled Fair Value Gaps (FVGs) below the current XRP price. These gaps represent imbalances in the market that tend to attract price retracements.
Lastly, Xanrox predicted that the XRP price could retrace by about 35.5% from the current levels to address these Fair Value Gaps (FVGs). Keeping this in mind, he identified the $1.00 level as an ideal buy zone in case of any price corrections.
Current State Of XRP Price
At the time of writing, XRP is trading at $1.44 and is up by 30% in the past seven days. The XRP price surged by about 7% on Monday after asset manager WisdomTree filed for a Spot XRP ETF. With this move, WisdomTree joins the ranks of Bitwise, 21Shares, Canary Capital, and Grayscale, all of which have expressed interest in launching an XRP-focused ETF.
Market sentiment is increasingly optimistic towards the XRP price, bolstered by the anticipation of a shift in SEC leadership by January 2025. This anticipated change has increased expectations of the approval of these Spot XRP ETF applications.
