History Suggests XRP On Course for 70% Gains in November

Historical data suggests XRP is on a trajectory to record at least a 70% gain after a splendid start to November.

XRP investors have enjoyed an explosive start to November, with nearly 22% gains amassed in the first seven days of the month. However, if history is anything to go by, there might be more mouthwatering profits in the pipeline.

Historical data reveals that XRP returns an average of 71% profit in November, making it one of the best months for anyone to hold the coin. Only December has recorded a higher monthly return with an average of 82.7% gains.

Diving into the data suggests further reasons for optimism among XRP holders. For instance, the record shows that XRP has had three Novembers in its history where it yielded triple-digit returns for investors. In the most recent high-profile month, XRP gained 178% in November 2020.

Meanwhile, if XRP closes November in the green, it will set a new record for a three-month winning streak in 2023. The asset enjoyed a mild 0.42% increase in September, followed by a more convincing 16.5% gain last month.

The previous time XRP delivered more than three months of consecutive gains was in 2017. At the time, XRP gained 278%, 137%, and 378% in February, March, and April, respectively, before having a relatively quiet May with just 7% gains. 

Bullish Momentum Remains

While nothing is guaranteed in the highly unpredictable crypto scene, XRP has enjoyed bullish momentum in recent weeks. A major contributor has been Ripple’s legal victories against the U.S. Securities and Exchange Commission (SEC), with the company’s executives recently acquitted in the latest development on the story.

Another positive driver is the Ripple Swell event, scheduled for November 8 and 9 in Dubai. The high-profile event typically features major announcements about Ripple, potentially impacting XRP prices positively.

For instance, rumors have emerged that Ripple will announce its highly anticipated IPO during the event. Ideally, the asset’s recent rise in November suggests traders are already speculating on such an outcome, and another busy month for XRP prices lies ahead.