Originally published on: December 02, 2024
In a surprising turn of events, XRP has seen a massive 297% increase in November 2024, marking its highest ROI since 2017. Closing the month at $1.95, XRP reached a seven-year high and shattered its 2021 peak.
With XRP continuing its upward trajectory by over 20% in just 24 hours, analysts are now predicting even greater heights for the cryptocurrency. Jacob Canfield, a prominent crypto trader, believes XRP could surge by 100% beyond its previous all-time high of $3.40.
Using advanced analysis techniques, Canfield pointed out that XRP’s current performance relative to BTC surpasses that of its 2017 rally. This suggests that XRP has the potential to reach unprecedented levels in the coming years.
Similarly, Tony Edward, founder of the Thinking Crypto podcast, envisions XRP hitting the $5-$8 range. However, he advises a cautious approach to profit-taking to maximize gains.
The recent surge in XRP’s price also aligns with a surge in on-chain activity, with both large whale investors and small retail holders increasing their XRP holdings. Santiment data revealed a substantial accumulation of XRP between 1 million and 10 million tokens in the past few weeks.
Moreover, XRP’s futures market is booming, with open interest reaching an all-time high of $3.99 billion on December 2. This surge in futures activity, combined with rising spot trading volumes, indicates a growing interest in XRP among investors.
As XRP breaks resistance levels and aims for a high close above $1.99 by the end of 2024, it sets the stage for an unprecedented run in the cryptocurrency market.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are advised to conduct their own research before making any investment decisions.