Ripple's XRP network token, $2.64, saw record growth in November 2024, reaching its highest levels since 2017. Analysts predict that the cryptocurrency has the potential to surpass its previous all-time high of $3.40, paving the way for new price peaks.
As you know, in November, XRP showed an extraordinary gain of 297%, ending the month at $1.95 — the highest level in the last seven years.
Over the past 24 hours, the token's price has increased by another 14%, further fueling market optimism.
Independent crypto trader Jacob Canfield predicts that XRP could reach $6.60, based on technical analysis and historical data.
Photo: JacobCanfield
At the same time, Tony Edward claims that the range of possible growth is between $5 and $8, recommending moderate profit-taking strategies.
Also, activity on the XRP network has increased significantly. Data from analytics platform Santiment shows that big players (cryptokits) have accumulated over 679 million XRP worth $1.6 billion in the last three weeks.
The number of active XRP wallets has surpassed 5.5 million, a new all-time high. At the same time, open interest in the XRP futures market has reached $3.99 billion, doubling since the end of November.
An additional boost for XRP was WisdomTree's application to create an exchange-traded fund (ETF) pegged to XRP.
This initiative is a response to the growing demand from institutional investors for regulated instruments for investing in cryptocurrencies.
Analysts believe that further growth of XRP will depend on the token's ability to maintain the $1.99 level until the end of the year.
If successful, this would be the highest annual close in XRP's history, confirming its uptrend.
Potential ETFs and growing institutional interest could be catalysts for reaching new highs, strengthening XRP's position in the cryptocurrency market.
