XRP is Showing a 20% Price Surge Potential in November

XRP (XRP) has outperformed the broader crypto market in the past 24 hours, rising by about 15% compared to Bitcoin’s (BTC) and Ethereum’s (ETH) 2.75% and 7% losses.

A mix of solid fundamentals and technical scenarios are now boosting the odds of a 20% XRP price boom in November.

XRP Fundamental Analysis: Gary Gensler Hints Departure

The Ripple-associated token is benefiting largely from the comments from  Consensys CEO Joe Lubin, who predicted that US courts would likely dismiss or settle most crypto lawsuits filed by the Securities and Exchange Commission (SEC), including the ongoing Ripple versus SEC battle.

Furthermore, XRP is soaring because of what appears to be Gary Gensler’s farewell signals from his current role as the SEC Chairman. He addressed the Practising Law Institute’s 56th Annual Conference on Securities Regulation on Nov. 14.

Reflecting on his tenure since April 2021, Gensler spoke highly of the SEC, stating, “It’s a remarkable agency,” adding:

“It has been a great honor to serve alongside its dedicated members, working to protect investors, foster market integrity, and ensure that our capital markets remain the world’s strongest.”

The next chairman will likely be more crypto-friendly, as President-Elect Donald Trump promised during the July Bitcoin 2024 Conference.

Meanwhile, Robinhood has added XRP to its trading platform, boosting the cryptocurrency’s exposure among US retail investors.

These solid fundamentals are boosting XRP’s bullish technical scenarios, with some favoring a 20% price boom in November only.

XRP Rises Above 2017-Era Resistance Trendline At Last

XRP is continuing its upside momentum after breaking above a six-year-long symmetrical triangle pattern, during which its price declined by as much as 97% at one point.

The price is now heading toward the psychological resistance level of $1, aligning with XRP’s 0.236 Fibonacci retracement line of around $0.91. That amounts to about a 20% price increase when measured from XRP’s current price levels of over $0.80.

XRP’s six-week relative strength index (RSI) further shows a strong upside momentum, having risen to levels last seen in September 2021, and that followed a circa 30% increase afterward.