XRP Climbs To $2.74, Targets $6.60 As FOMO Builds

Ripple's token XRP аchiеvеd а significаnt milеstonе in Novеmbеr 2024, dеlivеring аn imprеssivе 290% gаin, mаrking its highеst monthly rеturn

Ripple’s [XRP] token made headlines in November 2024, notching a remarkable 290% gain and securing the highest monthly return on investment (ROI) since December 2017. The cryptocurrency began the month at $0.70 and ended on a strong note at $1.95, also marking a seven-year high and decisively surpassing its previous peak from 2021.

The XRP uptrend gained further steam in December with an additional 40.51% rise, pushing its value to $2.74. As XRP’s price action unfolds, analysts are keeping a close eye on potential targets. In a recent analysis, renowned crypto trader Jacob Canfield shared his看法 on where XRP’s price movements may lead.

Canfield employed Fibonacci extensions and XRP’s historical performance relative to Bitcoin during its 2017 rally to predict future price movements. He observed that Bitcoin is currently trading at five times its 2017 price when XRP reached its peak.

Based on this analysis, Canfield stated, “This would put the price around $6.60, exactly 2X the value of its previous high. I think this is probably the ideal FOMO target and would stop thinking double digits or higher and is very logical.”

Other experts also shared their optimism regarding XRP’s price potential. Tony Edward, the founder of the Thinking Crypto podcast, placed the cryptocurrency’s potential price range between $5 and $8, highlighting a cautious approach to profit-taking.

Meanwhile, crypto trader BarriC predicted that the token could reach $10 by the end of 2024, surpassing key price levels of $4, $5, and beyond along the way.

Adding to the bullish sentiment, crypto educator Neel highlighted a surge in retail interest, stating, “New retail is coming in,” with many investors focusing on assets popularized in mainstream media.

On-chain data further supported this optimistic outlook. According to Santiment, wallets containing 1 million to 10 million XRP have gathered 679.1 million XRP, valued at $1.6 billion, over the last three weeks. The platform also noted that the number of non-empty wallets had surprassed 5.5 million for the first time in the cryptocurrency’s eight-year history.

In parallel, XRP’s futures market has also reached new heights. Open interest (OI) surged to an all-time high of $4.40 billion on Dec. 3, marking a 113.59% increase since November 28, when it stood at $2.06 billion.

This rise in both spot and futures activity signaled intensified market interest in XRP as investors positioned themselves for potential gains.

With little resistance on higher time frames, analysts believed XRP’s momentum could lead to a record-breaking yearly close above $1.99 by the end of 2024. If this projection holds, the cryptocurrency may be on track to achieve its much-anticipated $6.60 target by 2025.