Originally published on: December 02, 2024
XRP, the popular cryptocurrency, saw a massive 297% surge in November 2024, marking its highest ROI since December 2017. Closing the month at $1.95, XRP hit a seven-year high and broke its previous top from 2021.
Following this bullish trend, XRP has continued to climb, with a 20% increase in the past 24 hours. Analysts are now predicting even higher price targets for the cryptocurrency.
According to Jacob Canfield, an independent crypto trader, XRP could potentially soar another 100% from its previous all-time high of $3.40. Using Fibonacci extensions and historical performance data, Canfield compared XRP’s current position to its previous peak and suggested a significant upside potential.
Another analyst, Tony Edward, founder of the Thinking Crypto podcast, set a price target for XRP in the $5 to $8 range, emphasizing a cautious approach to profit-taking.
Meanwhile, crypto educator Neel noted that XRP’s recent surge indicates a growing interest from retail investors entering the market, particularly those following mainstream news coverage of crypto assets.
In addition to the positive price action, onchain data shows a bullish sentiment among XRP holders, with both whales and small retail investors increasing their XRP holdings. Santiment, an analytics platform, reported a significant accumulation of XRP 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 showing increased activity, with open interest reaching an all-time high of $3.99 billion on Dec. 2. This surge in trading volumes and interest in XRP suggests a strong bullish momentum for the cryptocurrency.
With little resistance at higher time frames, XRP is poised to close 2024 at its highest yearly price ever if it exceeds $1.99 by the end of the year.
As always, it’s important to conduct thorough research and consider the risks involved in cryptocurrency investment. This article does not provide investment advice, but rather insights into market trends and analyst predictions for XRP. For more updates on the cryptocurrency market, subscribe to our Crypto Biz newsletter for weekly insights and trends.