• The XRP price rose to a six-month high of $0.75 on Wednesday, up 50% in the past ten days.
• XRP’s latest price increase coincided with its official listing on Robinhood, one of the largest retail trading platforms.
• In the past 48 hours, traders have moved 45 million XRP coins from exchanges to long-term storage, signaling expectations of future profits.

On November 13, the price of Ripple (XRP) crossed the $0.75 mark for the first time in 2024. On-chain data trends suggest that the majority of current XRP holders expect more profits.

XRP Price Hits 50% Gain on Robinhood List

While the majority of crypto traders were betting on Donald Trump to win the November 5 presidential election, the founders of Ripple (XRP) donated more than $11 million to the Kamala Harris campaign.

In fact, the XRP price lagged the broader crypto rally in the wake of Trump’s landslide victory.

While the prices of BTC, Dogecoin, and Solana rose more than 50% within a week of the election, the price of XRP posted a modest 25% gain as it rejected the $0.65 resistance on November 11.

Ripple (XRP) Price Analysis | Trading view

The chart above shows that the global market cap for altcoins grew 33% between November 5 and 11, highlighting XRP’s initial lagging price performance.

However, on November 13, market sentiment turned positive after Robinhood announced the listing of XRP, Solana, and Cardano.

This listing reflects a significant shift in the US regulatory stance, as major crypto platforms had previously delisted these altcoins following the SEC’s 2023 lawsuit against Binance and Coinbase, which accused these assets of being unregistered securities.

With Trump’s election victory, the new administration is expected to replace SEC Chairman Gary Gensler with a more crypto-friendly candidate. Consequently, the re-listing of XRP and other large-cap altcoins signals increasing expectations of a positive shift in the US regulatory landscape for cryptocurrencies when the new administration takes office in January 2025.

In fact, the XRP price immediately rose another 22% since the Robinhood listing announcement, reaching a new 2024 high of $0.76 on November 14.

Traders convert 45 million XRP into long-term savings within 48 hours

Looking beyond the price action, on-chain moves observed over the past 48 hours suggest that the Robinhood listing has inspired greater confidence in XRP’s long-term price prospects.

To corroborate this story, CryptoQuant’s currency reserves track the supply of XRP coins deposited on major trading platforms.

XRP Exchange Reserves | XRPUSD

The chart above shows that Exchange reserves stood at 3.27 billion XRP at the end of November 12.

But after the Robinhood listing, traders withdrew 45 million XRP from the short-term market supply, pushing foreign exchange reserves below 3.23 million XRP at the time of publication.

Valued at current prices, outflows from XRP exchanges have exceeded $33 million in the past 48 hours.

When stock prices fall during a major rally, as was seen in the XRP market this week, strategic investors interpret this as a bullish signal for two main reasons.

Reduced foreign exchange reserves generally indicate a shift towards long-term investments rather than seeking immediate exit opportunities.

This reduction in liquid supply could amplify upward price pressure as there are fewer tokens available for quick sale.

Therefore, if demand continues, XRP’s ongoing rally could gain further momentum and head towards the next psychological resistance level at $0.80.

XRP Price Prediction: $0.80 Breakout Still in Play if $0.70 Support Holds

After peaking at $0.75, XRP price has fallen slightly and is consolidating above the $0.73 level at the time of writing on Thursday.

However, with the $33 million outflow tightening the market supply, the XRP price looks on the verge of another surge towards the $0.80 level.

The bullish thesis is supported by the rising green bars on the Bull-Bear Power (BBP) technical indicator, indicating strong buying momentum.

XRP Price Prediction | XRPUSD

Should XRP hold support above the $0.70 level in the near term, the bulls could regroup for a major attempt to regain the $0.80 resistance level, with further potential to reach $0.85 if the purchasing pressure continues.

However, this bullish thesis could be negated if XRP falls below the $0.70 support as this could trigger selling pressure. In that scenario, a decline to the R1 pivot level around $0.60 could follow.