In a remarkable turn of events, XRP(XRP) has recorded its highest monthly return on investment (ROI) since December 2017, with a staggering 297% uptick in November 2024. This significant increase is not only the coin’s best monthly performance but also marks a seven-year high for the altcoin.
Breaking Above Previous Highs
The monthly close of $1.95 is a testament to XRP’s resilience and growing demand, as it surpasses its 2021 top. The altcoin has already shown further strength by moving an additional 20%+ over the past 24 hours.
XRP’s 1-month Chart Analysis
XRP has been on a tear in recent weeks, exceeding market expectations
Source: Cointelegraph/TradingView
Analyst Sees Higher Targets for XRP
In response to XRP’s remarkable performance, Jacob Canfield, an independent crypto trader, shared his insights on the coin’s potential future. According to Canfield, XRP could rise another 100% from its previous all-time high of $3.40.
Jacob Canfield’s Analysis
XRP’s Relative Performance vs. BTC
Canfield highlighted that using Fibonacci extensions and comparing XRP’s relative performance to Bitcoin (BTC) during its previous all-time high rally, the analyst estimated that BTC is currently five times higher than its 2017 price when XRP reached its all-time high.
"This would put the price around $6.60, exactly 2X the value of it’s previous high," Canfield said. "I think this is probably the ideal FOMO target and would stop thinking double digits or higher and is very logical."
Other Analysts Weigh in
Tony Edward, Thinking Crypto podcast founder
XRP Price Target: $5-$8 Range
Edward emphasized a conservative approach to profit-taking, suggesting that XRP’s price could reach the $5-$8 range.
Neel, a crypto educator, provided additional insights on XRP’s current rise, explaining that "new retail is coming in," and they are investing in crypto assets popular in the mainstream news industry.
XRP Wallets Accumulate $1.6 Billion in 3 Weeks
The altcoin’s on-chain footprint is also bullish, with both whale and small retail holders increasing their XRP allocation. Data from Santiment highlighted that XRP wallets holding between 1 million and 10 million XRP had accumulated 679.1 million tokens worth $1.6 billion in the past three weeks.
XRP Wallets Address Activity
XRP wallets have accumulated significant amounts of XRP
Santiment also noted that total non-empty XRP wallets have eclipsed 5.5M for the first time in the coin’s 8+ year history.
Increasing Futures Market Open Interest
The futures market is also witnessing increased activity, with open interest (OI) reaching a new all-time high of 3.99 billion on Dec. 2. The OI has increased by almost 100% since Nov. 28, when it was around $2.06 billion.
XRP Open Interest Chart
XRP’s futures market is experiencing significant growth
Bullish Market Momentum Favors XRP
The increasing spot activity, futures market open interest, and trading volumes demonstrate new interest in Ripple’s native crypto token at the moment. Bullish market momentum favors the altcoin, with little resistance left at the higher time frame for XRP.
Considering XRP closes above $1.99 by the end of 2024, it will be its highest yearly close in history.
XRP 1-year Chart
XRP is poised to reach new heights
Source: Cointelegraph/TradingView
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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