XRP (XRP) experienced a remarkable 297% surge in November 2024, marking its highest monthly return on investment (ROI) since December 2017. Closing at $1.95, this milestone represents a seven-year peak, surpassing its previous 2021 high. Over the past 24 hours alone, XRP has rallied another 20%, fueling speculation that its price trajectory could far exceed initial expectations.
Analyst Projects XRP’s Rally Could Reach $6.60
Independent crypto trader Jacob Canfield suggests that XRP could double its previous all-time high of $3.40, potentially reaching $6.60. Utilizing Fibonacci extensions and comparing XRP’s performance relative to Bitcoin (BTC) during its 2017 bull run, Canfield notes:
"BTC is currently five times higher than its 2017 price when XRP peaked. This would position XRP around $6.60—double its prior high. I view this as the optimal FOMO (Fear of Missing Out) target, ruling out unrealistic double-digit projections."
Tony Edward, founder of the Thinking Crypto podcast, shares a similar outlook, estimating a conservative range of $5–$8 while advising strategic profit-taking. Meanwhile, crypto educator Neel observes that XRP’s rally signals renewed retail interest, particularly from investors drawn to mainstream crypto assets.
👉 Why is XRP price trending upward?
On-Chain Data Shows Strong Accumulation Trends
Beyond price action, XRP's blockchain activity reflects bullish sentiment:
- Whale & Retail Holdings: Wallets holding 1M–10M XRP accumulated 679.1M tokens ($1.6B) in three weeks.
- Wallet Growth: Non-empty XRP wallets surpassed 5.5M—a record in its eight-year history.
- Futures Market Surge: Open interest (OI) hit **$3.99B** on Dec. 2, doubling since Nov. 28 ($2.06B).
This surge in spot demand, derivatives activity, and trading volume underscores growing confidence in Ripple’s native token. With minimal resistance at higher timeframes, XRP’s momentum remains strong. A yearly close above $1.99 would cement its highest annual finish ever.
👉 What drives XRP's market performance?
FAQs
Q: What factors are driving XRP’s current rally?
A: Key drivers include whale accumulation, rising retail interest, and bullish derivatives activity.
Q: Is $6.60 a realistic target for XRP?
A: Analysts base this projection on Fibonacci trends and historical BTC-XRP performance correlations.
Q: How does XRP’s 2024 performance compare to past years?
A: November 2024 saw XRP’s highest monthly ROI since 2017, with a $1.95 close—a seven-year peak.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Always conduct independent research before investing.