XRP recorded a 297% increase in November 2024, the highest monthly profit since December 2017. The monthly closing price of $1.95 also marks the highest in seven years and surpasses the peak of 2021.
In the past 24 hours, the price of XRP has risen by more than 20%, and an analyst suggests that its price could be much higher than expected.
Daily XRP price chart | Source: TradingView
Analyst sets a 'FOMO' target for XRP at $6.60
With XRP exceeding market expectations in recent weeks, Jacob Canfield, an independent cryptocurrency trader, predicts that XRP could increase by an additional 100% from its previous high of $3.40.
Using Fibonacci extensions and analyzing the relative performance of XRP against BTC during the previous bull run, Canfield noted that the current price of BTC is five times higher than the price in 2017 when XRP peaked. Canfield stated:
"This would place the price of XRP around $6.60, double the previous peak value. I consider this an ideal and reasonable FOMO target, and we shouldn't think about higher double-digit levels."
Similarly, Tony Edward, founder of the Thinking Crypto podcast, has set a price target for XRP between $5 and $8 but emphasized a cautious approach when taking profits.
XRP 1-week chart analysis by Jacob Canfield | Source: X.com
Meanwhile, Neel, a cryptocurrency educator, explained that the current price surge of XRP indicates that "new retail investors are coming in," and they are investing in popular cryptocurrency assets through mainstream media.
XRP accumulates $1.6 billion in 3 weeks
In addition to the positive price movement, the on-chain footprint of this altcoin is also very optimistic, with both whales and retail investors increasing their holdings of XRP. Data from Santiment, an analytics platform, shows that XRP wallets holding between 1 million to 10 million XRP have accumulated 679.1 million tokens, worth $1.6 billion over the past three weeks.
The platform also stated:
"The number of non-empty XRP wallets has surpassed 5.5 million for the first time in the history of this coin over 8 years."
XRP wallet resolves Santiment activity
The increase in spot activity is also reflected in the futures market for XRP, as open interest (OI) reached an all-time high of $3.99 billion on December 2.
OI has increased by nearly 100% since November 28, when it was around $2.06 billion. The increase in spot accumulation, futures activity, and trading volume clearly indicates new interest in Ripple's cryptocurrency token at this time.
XRP open interest chart | Source: CoinGlass
The market trend is supportive of this altcoin, and there is very little resistance at long-term time frames for XRP. If XRP closes above $1.99 by the end of 2024, this would be the highest annual closing price in its history.
1-year XRP chart | Source: TradingView