In a stunning turn of events, XRP recorded a 297% increase in November 2024, marking its highest return on investment (ROI) since December 2017. With a monthly close of $1.95, this represents a seven-year high and surpasses the previous high set in 2021.
XRP's one-month progress, as observed by Cointelegraph/TradingView, shows a further 20% gain in the past 24 hours. Market analysts predict even higher valuation potential, highlighting the bullish outlook.
Market analyst Jacob Canfield believes XRP could hit $6.60, a 100% increase from its previous high of $3.40. Based on Fibonacci extensions and comparing XRP's performance to Bitcoin's during its most recent peak, Canfield noted that BTC's price is five times its 2017 level. "This suggests a reasonable price target around $6.60, double the previous peak. This is the ideal 'FOMO' target, away from overly ambitious predictions," he stated.
Tony Edward, founder of the Thinking Crypto podcast, also predicts a target in the $5-8 range. However, he recommends a cautious approach to ensure profits. Meanwhile, Neel, a cryptocurrency educator, points to XRP's growth as evidence of new retail investors entering the market, fueled by mainstream media coverage.
Contributing to XRP’s positive momentum is the apparent accumulation of both large and small investors. Data from analytics platform Santiment shows an increase of 679.1 million tokens worth $1.6 billion in wallets holding between 1 million and 10 million XRP over three weeks.
“The number of non-empty XRP wallets has reached over 5.5 million, an unprecedented milestone in the company’s eight-year history,” Santiment reported.
The XRP futures market highlighted this activity, with open interest (OI) reaching $3.99 billion on December 2, doubling from $2.06 billion on November 28. This increase in both the spot and futures markets shows renewed interest in XRP.
As the year ends, XRP’s bullish momentum continues, with little resistance on the horizon if it breaks above $1.99 by year-end. A close above this level would mark the best yearly close in XRP’s history.