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The cryptocurrency space is buzzing as XRP sees a remarkable surge in accumulation, with whales and retail investors amassing over $1.6 billion in tokens recently.
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In addition to impressive price movements, XRP has demonstrated strong momentum, closing November at its highest valuation in seven years, a feat last seen in December 2017.
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Analyst Jacob Canfield noted, “This would put the price around $6.60… and is very logical,” emphasizing potential for further gains.
XRP has surged as whales accumulate $1.6 billion in tokens; analysts predict a price target of $6.60 amid rising market interest.
XRP’s Impressive Price Surge and Trading Activity
The recent performance of XRP has captured the attention of investors and analysts alike. The cryptocurrency recorded a staggering 297% uptick in November 2024, marking its highest monthly return since December 2017. With a closing price of $1.95, XRP has broken above its previous peak in 2021, signaling a potent market rally.
Market Analysts Set Price Targets for XRP
As XRP continues to defy expectations, market analysts are recalibrating their forecasts. According to Jacob Canfield, an independent trader, XRP is poised for a potential rise that could see it climb to a price point of $6.60. This prediction is grounded in analyzing Fibonacci extensions and XRP’s historical performance in relation to Bitcoin (BTC) during past rallies. Canfield explains, “With BTC currently five times higher than it was in 2017 when XRP hit its all-time high, this projected price reflects a realistic target for investors looking to capitalize on growing momentum.”
On-chain Analysis Shows Increasing Accumulation
Accompanying its price action, XRP’s on-chain activity is showing a robust bullish trend. According to Santiment, data indicates that wallets holding between 1 million and 10 million XRP have collectively accumulated approximately 679.1 million tokens, valued at around $1.6 billion in just three weeks. Moreover, the analytics firm reported that the total number of non-empty XRP wallets has surpassed 5.5 million for the first time in the cryptocurrency’s history.
Futures Market Activity Reinforces Positive Sentiment
The surge in spot accumulation aligns with heightened interest in XRP’s futures market, evidenced by an extraordinary increase in open interest (OI), which reached a record $3.99 billion by December 2. Since November 28, this metric has nearly doubled from $2.06 billion, showcasing an influx of trading activity that further fuels optimism surrounding Ripple’s native token. Analysts note that bullish momentum appears strong, with minimal resistance expected in higher time frames, should XRP maintain a closing price above $1.99 by year’s end.
Conclusion
The current rally in XRP, marked by significant accumulation and strong market interest, suggests a transformative period for the digital asset. As analysts set ambitious price targets reflecting historical trends and ongoing market dynamics, the next few months could be monumental for XRP investors. With both on-chain and futures market indicators painting a positive picture, stakeholders remain cautiously optimistic about the cryptocurrency’s future. Investors are advised to keep a close eye on market developments as XRP approaches record highs.
