In an astonishing turn, XRP registered a 297% increase in November 2024, marking its highest return on investment (ROI) since December 2017. With a monthly close at $1.95, this reflects a seven-year peak and surpasses its previous high from 2021.
XRP's one-month progress, as observed by Cointelegraph/TradingView, indicates a further 20% increase over the last 24 hours. Market analysts foresee potential for even greater valuations, underlining a bullish outlook.
Market analyst Jacob Canfield suggests that XRP might hit $6.60, representing a 100% increase from its previous high of $3.40. Drawing on Fibonacci extensions and comparing XRP's performance to Bitcoin during its last peak, Canfield noted that BTC's price is fivefold its 2017 level. He stated, "This suggests a logical price target around $6.60, double its prior peak. It’s an ideal 'FOMO' target, steering clear of overly ambitious projections."
Tony Edward, founder of Thinking Crypto podcast, also foresees a target in the $5-$8 range. However, he recommends a prudent approach to securing profits. Meanwhile, Neel, a crypto educator, points to XRP's growth as evidence of fresh retail investors entering the market, driven by mainstream media coverage.
Contributing to XRP's positive momentum is an evident accumulation by both large and small investors. Data from analytics platform Santiment reveals an increase of 679.1 million tokens worth $1.6 billion in wallets holding between 1 million to 10 million XRP over three weeks.
Santiment reported, "Non-empty XRP wallets have reached over 5.5 million, an unprecedented milestone in its eight-year history."
XRP's futures market highlights this activity, with open interest (OI) reaching 3.99 billion on December 2, doubling from $2.06 billion on November 28. This surge in both spot and future markets indicates renewed interest in XRP.
As the year closes, XRP's bullish momentum continues, with little resistance on the horizon if it exceeds $1.99 by year-end. Closing at this level would mark the best annual close in XRP's history.
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