XRP (XRP) gained 297% in November 2024, its highest monthly return on investment (ROI) since December 2017. The monthly close of $1.95 is a seven-year high and a break from the 2021 high.
1-month chart of XRP. Source: Cointelegraph/TradingView
XRP has already moved more than 20% more in the past 24 hours, with one analyst noting that XRP’s price target could be much higher than expected.
The analyst sets an XRP “FOMO” target of $6.60.
With XRP surpassing market expectations over the past few weeks, independent cryptocurrency trader Jacob Canfield said XRP could rise another 100% from its previous high of $3.40.
XRP 1-week chart analysis by Jacob Canfield. Source: X.com
The analyst used Fibonacci extensions and the relative performance of XRP against BTC during previous all-time high rallies to highlight that when XRP reached its all-time high, BTC was currently five times higher than its 2017 price. Canfield said.
“This will bring the price to about $6.60. This is exactly double its previous highest value. I think this is probably the ideal *FOMO* goal, I wouldn’t think above double digits and it’s very logical.”
Likewise, Thinking Crypto podcast founder Tony Edward set a price target for XRP in the $5-$8 range, but emphasized a conservative approach to taking profits.
Meanwhile, Neel, a cryptocurrency educator, explained that XRP’s current rise means “new retail is coming in” and is investing in the popular cryptocurrency asset in the mainstream news industry.
Related: Why Did XRP Price Fall Today?
XRP Wallet Accumulates $1.6 Billion in 3 Weeks
Along with the positive price action, the on-chain footprint of altcoins is also bullish, with both whales and small retail holders increasing their XRP allocations. Data from analytics platform Santiment shows that XRP wallets holding between 1 and 10 million XRP have accumulated 679.1 million tokens worth $1.6 billion over the past three weeks.
The XRP wallet handles Santiment’s activities. Source: X.com
More platforms have been added.
“Total non-empty XRP wallets surpassed 5.5 million for the first time in the coin’s eight-plus year history.”
XRP open interest chart. Source: Coinglass
Increased spot activity is also synonymous with XRP’s futures market. Open interest (OI) hit an all-time high of $3.99 billion on December 2. OI has increased almost 100% since November 28, when it was around $2.06. 1 billion. The increase in spot accumulation, futures activity, and trading volume clearly shows the renewed interest in Ripple’s native crypto token at this time.
Bullish market momentum favors altcoins, with little resistance remaining in the higher period for XRP. Considering that XRP will close above $1.99 by the end of 2024, this would be the highest annual close in history.
XRP 1 year chart. Source: Cointelegraph/TradingView
Related: XRP is back as the third-largest cryptocurrency after a four-year battle with the SEC.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.