Key Takeaways:
- XRP has surged 297% in November 2024, marking its highest ROI since December 2017, closing at $1.95, a seven-year high.
- Analyst Jacob Canfield sets a “FOMO” target for XRP at $6.60 by 2025, predicting a 100% rise from its previous all-time high.
- XRP wallets have accumulated $1.6 billion in tokens in just three weeks, with total non-empty wallets surpassing 5.5 million for the first time.
XRP has seen significant price movement and accumulation recently, with both whales and retail investors accumulating over $1.6 billion in tokens in the past month.
The altcoin recorded a 297% rise in November 2024, its highest monthly return since December 2017, closing at $1.95—a seven-year high.
The only difference between this $XRP move and those in the past is the price of Bitcoin is 5X higher than it was in 2017.
— Jacob Canfield (@JacobCanfield) December 2, 2024
If we use Canfield Fibonacci extensions to give us an idea of where this move may take us, it would be at the 11.09 fib exension.
This would put the price… pic.twitter.com/fNYay1eFLF
The current surge has caught analysts’ attention, with Jacob Canfield, an independent crypto trader, predicting that XRP could hit a new all-time high of $6.60 by 2025.
This target, he says, is based on Fibonacci extensions and comparisons with Bitcoin’s 2017 price rally.
Other analysts, like Tony Edward, forecast a more conservative range of $5-$8 for XRP, advising caution when taking profits.
On-chain data highlights strong accumulation, with wallets holding between 1 million and 10 million XRP adding 679.1 million tokens worth $1.6 billion in just three weeks.
The number of non-empty XRP wallets has surpassed 5.5 million, setting a new record.
Additionally, XRP’s futures market has seen a sharp increase in open interest, reflecting growing interest from both retail and institutional investors.
With strong momentum and limited resistance at higher price levels, XRP is on track for a potentially historic close by the end of 2024.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
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