The growth of XRP in November 2024 is due to several factors:
1. Overall Crypto Market Upswing: All major cryptocurrencies, including XRP, are benefiting from the positive sentiment fueled by Bitcoin's rise to a record high above $82,000. This has fueled interest in alternative coins such as XRP.
2. Ripple Legal Progress
: XRP gained momentum following positive court rulings in Ripple v. SEC. Analysts expect that this could remove barriers to the widespread use of XRP, which further boosted investor confidence.
3. Technical factors. XRP has formed a "golden intersection" pattern on its charts, which is usually considered a signal for possible price growth. In addition, the coin price has exceeded the moving average values, which also contributes to positive expectations.
4. Historical patterns of the election cycle: US elections have always had an impact on the cryptocurrency market. In previous cycles, XRP has seen post-election gains, and 2024 could be another example of this trend.
These factors have created a strong foundation for the growth of XRP, but further dynamics depend on macroeconomic conditions and further actions of investors.