Originally published on: December 02, 2024
In a surprising turn of events, XRP has experienced a staggering 297% increase in November 2024, marking its highest ROI since December 2017. The monthly close at $1.95 is not only a seven-year record but also surpasses its peak in 2021.
Analysts are now eyeing even bigger gains for XRP, with some predicting a target price of $6.60 by 2025. Jacob Canfield, a seasoned crypto trader, believes that XRP could surge by another 100% from its previous all-time high of $3.40 based on Fibonacci extensions and historical performance against BTC.
Further supporting this bullish outlook, Tony Edward, the founder of Thinking Crypto podcast, has set a price target for XRP in the range of $5 to $8. Although he advises a cautious approach to profit-taking.
Neel, a crypto educator, also sees a promising future for XRP, noting that the recent surge in its price indicates growing interest from retail investors entering the market.
In addition to the positive price action, XRP’s onchain footprint is showing bullish signs, with both whale and small retail holders increasing their XRP holdings. Data from Santiment reveals a significant accumulation of XRP tokens by wallets holding between 1 million and 10 million tokens, totaling $1.6 billion in the past three weeks.
The futures market for XRP is also experiencing a surge in interest, with open interest reaching an all-time high of $3.99 billion on December 2. This increase in spot accumulation, futures activity, and trading volumes signals a renewed interest in Ripple’s native cryptocurrency.
With bullish momentum driving the altcoin’s price higher, XRP is on track to close above $1.99 by the end of 2024, potentially marking its highest yearly close in history.
Disclaimer: This article does not offer investment advice. Readers are encouraged to conduct their own research before making any financial decisions. For more insights on crypto and blockchain trends, subscribe to our Crypto Biz newsletter for weekly updates on the latest industry developments.
