XRP (XRP) registered a 297% uptick in November 2024, its highest monthly return on investment (ROI) since December 2017. The monthly close of $1.95 is also a seven-year high and a break above its 2021 top.
XRP’s 1-month chart. Source: Cointelegraph/TradingView
XRP has already moved another 20%+ over the past 24 hours, and one analyst indicated that its price target could be much higher than expected.
Analyst sets XRP “FOMO” target at $6.60
With XRP exceeding market expectations over the past few weeks, Jacob Canfield, an independent crypto trader, said that XRP could rise another 100% from its previous all-time high of $3.40.
XRP 1-week chart analysis by Jacob Canfield. Source: X.com
Using Fibonacci extensions and XRP’s relative performance to BTC during its previous all time high rally, the analyst highlighted that BTC is currently five times higher than its 2017 price when XRP reached its all time high. Canfield said,
“This would put the price around $6.60, exactly 2X the value of it's previous high. I think this is probably the ideal *FOMO* target and would stop thinking double digits or higher and is very logical.”
Similarly, Tony Edward, Thinking Crypto podcast founder, set his price target for XRP at the $5-$8 range but highlighted a conservative approach to profit taking.
Meanwhile, Neel, a crypto educator, explained that XRP’s current rise indicates that “new retail is coming in,” and they are investing in crypto assets popular in the mainstream news industry.
Related: Why is XRP price down today?
XRP wallets accumulate $1.6 billion in 3 weeks
Alongside positive price action, the altcoin’s onchain footprint is also bullish, with both whale and small retail holders increasing their XRP allocation. Data from Santiment, an analytics platform, highlighted that XRP wallets holding between 1 million and 10 million XRP had accumulated 679.1 million tokens worth $1.6 billion in the past three weeks.
XRP wallets address activity by Santiment. Source: X.com
The platform further added,
“Total non-empty XRP wallets have eclipsed 5.5M for the first time in the coin's 8+ year history.”
XRP open interest chart. Source: CoinGlass
Increasing spot activity is also synonymous with XRP’s futures market, where open interest (OI) reached a new all-time high of 3.99 billion on Dec. 2. The OI has increased by almost 100% since Nov. 28, when it was around $2.06 billion. An increase in spot accumulation, futures activity, and trading volumes clearly demonstrates new interest in Ripple’s native crypto token at the moment.
Bullish market momentum favors the altcoin, and there is little resistance left at the higher time frame for XRP. Considering XRP closes above $1.99 by the end of 2024, it will be its highest yearly close in history.
XRP 1-year chart. Source: Cointelegraph/TradingView
Related: XRP returns to 3rd-largest crypto after 4-year battle with SEC
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
