Originally published on: December 09, 2024
XRP’s price has seen a significant drop in the past week, hitting a low of $2.16 on Dec. 5. Despite this decline, three key data points indicate that the historic rally may not be over just yet.
The first supportive data point is the increased accumulation of XRP by whales during the recent market correction. Large investors have been taking advantage of the dip in prices to buy more tokens, with over 120 million XRP worth $288 million accumulated between Dec. 3 and Dec. 8.
Additionally, there has been a notable decrease in XRP supply on exchanges, suggesting that whales are holding onto their tokens rather than selling them. This lack of intention to sell further reinforces the potential for XRP’s price to rise.
On the network activity front, the number of active addresses on the XRP Ledger has hit a 33-month high, signaling increased user engagement and adoption. This surge in onchain indicators could be a driving force behind XRP’s value moving higher, possibly leading to new all-time highs in the short term.
Veteran trader Peter Brandt has projected a massive breakout in XRP’s market capitalization, with a bullish target of $146 billion. This surpasses the previous all-time high market cap for XRP in the 2021 cycle, sparking conversations about the token’s potential price rally.
Crypto analysts remain optimistic about XRP’s upward movement, with some setting double-digit price targets. CrediBULL suggests a 30% climb in the short term, aiming to surpass $3.00 for the first time in over six years. Meanwhile, Steph Is Crypto sees XRP breaking out of a bullish pattern with a target set above $35.
While this article does not offer investment advice, it highlights the compelling data supporting XRP’s potential for further growth. Investors are encouraged to conduct their own research before making any financial decisions.
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