XRP has continued to attract significant attention in the cryptocurrency market due to its record-breaking gains and rising institutional interest. In November 2024, XRP achieved a return of 297%, marking its highest performance since 2017. Analysts have projected ambitious price targets for the token, suggesting sustained confidence in its future growth.
Recent institutional moves, such as WisdomTree’s filing for a spot XRP exchange-traded fund (ETF), have bolstered XRP’s momentum. This highlights a growing demand for regulated investment products tied to XRP. The expanding interest from institutional investors reflects an evolving market landscape, indicating potential opportunities for further growth.
XRP Achieves Historic November Gains
XRP recorded a monumental 297% monthly return in November 2024, setting a seven-year high at $1.95. This breakout above its 2021 peak has reinforced its bullish trend.
Over the past 24 hours, a 14% surge has added to XRP’s gains, increasing market speculation. Analysts believe this momentum could push XRP to unprecedented price levels.
Crypto trader Jacob Canfield has identified $6.60 as a potential target for XRP. Using Fibonacci extensions and historical comparisons to Bitcoin’s performance during prior market cycles, Canfield noted:
“This price, which is double XRP’s previous all-time high of $3.40, is a logical and likely FOMO target.”
Other analysts, such as Tony Edward of the Thinking Crypto podcast, have predicted a target range of $5 to $8 for XRP. Edward has also emphasized the importance of a cautious profit-taking approach. Crypto educator Neel has also highlighted retail interest, noting the growing participation of mainstream audiences in XRP’s recent rally.
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Whale and Retail Investors Show Confidence in XRP
On-chain data has revealed strong accumulation activity among XRP investors. Santiment reports that wallets holding between 1 million and 10 million XRP tokens have acquired 679.1 million XRP—worth approximately $1.6 billion—over the past three weeks.
For the first time in the token’s history, the total number of non-empty XRP wallets has surpassed 5.5 million. This indicates heightened interest from both retail investors and large-scale holders, known as whales.
Additionally, the XRP futures market has seen a dramatic increase in activity. Open interest (OI) reached a record $3.99 billion as of December 2, 2024, reflecting a 100% rise from November 28. The combination of increased spot accumulation, surging futures activity, and growing trading volumes underscores renewed confidence in XRP’s market potential.
XRP’s Path to New Highs
XRP’s recent performance has demonstrated strong market momentum and investor confidence. Analysts predict the cryptocurrency’s potential to double its previous all-time high, fueled by growing institutional interest and retail participation. With on-chain metrics and futures activity supporting the bullish trend, XRP appears poised for further growth, making it one to watch in the coming months.