XRP Hits 2024 High, Ripple Sets Sights on $2

- XRP Hits 2024 High of $1.68 - Breakout of 'Bull Flag' Pattern, Target: $1.95 – $2.05 [Unblock Media] XRP has recently shown strong performance, hitting a new 2024 high of $1.68. This robust upward trend in XRP is supported by increased trading volume and new partnerships. The number of active accounts for XRP also saw a significant increase in November. Data shows that on November 1st, there were 15,592 active accounts, which surged to 47,044 by November 16th, marking over a 100% increase. The average number of active accounts more than doubled this month to about 25,000 from a monthly average of 12,000. Activation of new accounts has also been encouraged, indicating a growing user base on the XRP network. Ripple's strategic partnership with Archax is further fueling the bullish sentiment for XRP by launching tokenized money market funds on the XRP Ledger. Additionally, Bitwise's announcement on November 7th regarding the rebranding of the XRP ETP for European investors has increased XRP's exposure in the European market. The recent surge in XRP's price occurred after a bullish breakout from the 'bull flag' pattern, which suggests the possibility of continued upward movement on the chart. According to the Fibonacci extension rule, with $1 as the base from the current trend bottom, XRP's target price is between $1.95 and $2.05, a critical range due to its historical role as strong resistance. Breaking through this resistance could potentially lead to entry into a much higher price range. Independent cryptocurrency analyst Mikybull mentioned the possibility of XRP reaching the $2 target, recalling the bullish sentiment of the 2017 bull market. He stated, "$XRP bull market vibes from 2017. If it reaches $2, it will face a pullback, followed by a continued vertical rise to a new cycle high near $10." Mikybull speculates that the upward trend will persist, citing similarities between past data and current patterns. However, medium- and long-term charts do show clear signs of bearish divergence. Additionally, an inverse correlation between price and trading volume has been observed since November 16th. This suggests that XRP may have entered a distribution phase, with major investors turning to selling at this point. The fact that trading volume over the past three days hit a low since November 10th indicates an increased likelihood of a bearish reversal. Therefore, although XRP is currently showing strength, the recent decline in trading volume and selling pressure from major investors suggest the possibility of a bearish reversal should not be overlooked.