The XRP price performance in the month of November has historically been more bullish than not, confirming higher returns than any other month in the year. Given this trend, it is possible that the XRP price could be headed for a rapid increase this new month. However, there is also the fact that the price had closed in the red back in October, and this performance could have an impact on how the cryptocurrency turns out in November.
Looking At XRP Price Performances In November
According to data from CryptoRank, the XRP price has seen an equal number of green and red closes over the last 12 years when it comes to the month of November. However, while the months of red closes have been significant, climbing into the double-digits, the green months have more than made up for it.
When it comes to the XRP price, the month of November has the most number of triple-digit closes than any other in history. Its first year of existence actually saw a 531.9% increase in the month of November, and this initial bullishness has mostly carried on into the later years.
On average, the monthly returns for November are the highest for the cryptocurrency, coming in at 81.2%. This is much higher than December’s 69.6%, making it the most profitable month for XRP investors. Thus, when it comes to rapid price increases, the digital asset is likely to experience it in November.
Moving into the more recent years, the market saw a 281.7% close back in November 2024, triggering its 600% price increase. This came after a 16.7% decline in the prior month, suggesting that a negative close to the month of October might not always translate into November.
Factors Point To Recovery
Amid the uncertainty, the XRP price could very well stage another recovery from here. One pointer is the fact that the XRP open interest is trending quite low from here, Coinglass data shows. The open interest had peaked above $10 billion earlier in the year. But since then, an over 50% crash has rocked this metric and is now trending below $5 billion at the time of writing.
This is similar to what happened back in 2024, when the XRP open interest was trending low below $1 billion at the start of November. However, momentum had picked up toward the middle of the month as the price began to rally.
If this trend holds, then the XRP price could see a small climb to start before hitting resistance. But if the resistance is surmounted, then the next rally could push it toward a triple-digit rise, which would mean a new all-time high for the altcoin.
Featured image from Dall.E, chart from TradingView.com
