XRP whales and retail investors have accumulated over $1.6 billion in tokens over the past month, prompting one analyst to predict a new historical high above $6 in 2025.
XRP (XRP) increased by 297% in November 2024, marking the highest monthly return on investment (ROI) since December 2017. The monthly closing price of $1.95 is also a seven-year high and breaks through the 2021 peak.
XRP has already fluctuated by over 20% in the past 24 hours, and an analyst stated that its target price could be far higher than expected.
Analysts set XRP's 'FOMO' target at $6.60
Due to XRP exceeding market expectations in recent weeks, independent cryptocurrency trader Jacob Canfield stated that XRP could rise another 100% from its previous all-time high of $3.40.
Using Fibonacci extension and XRP's relative performance during BTC's previous all-time rebound, analysts emphasized that BTC is currently five times higher than its price in 2017, when XRP reached its all-time high. Canfield said,
“This would put the price at around $6.60, which is exactly double the previous peak value. I think this could be the ideal *FOMO* target, and I won't consider double digits or higher anymore, and it makes a lot of sense.
Similarly, Tony Edward, founder of the Thinking Crypto podcast, set XRP's target price between $5 and $8, but emphasized a conservative profit-taking approach.
Meanwhile, crypto educator Neel explained that XRP's current rise indicates that 'new retail is entering', and they are investing in crypto assets popular in mainstream news.
XRP wallets have accumulated $1.6 billion in 3 weeks
In addition to the positive price trend, the on-chain footprint of altcoins is also bullish, with both whales and small retail investors increasing their XRP allocations. Data from analytics platform Santiment shows that XRP wallets holding 1 million to 10 million XRP have accumulated 679.1 million tokens worth $1.6 billion over the past three weeks.
The platform further added,
“The total number of non-bear XRP wallets has exceeded 5.5M for the first time in the token's 8+ year history.”
Increased spot activity is also synonymous with the XRP futures market, as on December 2, open interest (OI) hit a historic high of $3.99 billion. Since November 28, open interest has increased by nearly 100%, when it was around $2.06 billion. The accumulation of spot, increased futures activity, and trading volume clearly indicate a renewed interest in Ripple's native cryptocurrency.
Bullish market momentum favors altcoins, with almost no resistance on XRP's higher time frames. Considering that XRP will close above $1.99 by the end of 2024, this would be its highest annual closing price in history.
