XRP has ‘FOMO’ target at $6.60 in 2025 – analyst
XRP (XRP) It posted a 297% growth in November 2024, the highest monthly return on investment (ROI) since December 2017. The $1.95 monthly close is a seven-year high and above the 2021 high break.
XRP 1-Month Chart. Source: Cointelegraph/TradingView
XRP has moved another 20%+ in the last 24 hours, and one analyst has indicated that the price target may be higher than expected.
Analyst sets XRP “FOMO” target at $6.60.
With XRP outperforming market expectations over the past few weeks, independent crypto trader Jacob Canfield says XRP could rise 100% from its previous all-time high of $3.40.
XRP 1-Week Chart Analysis by Jacob Canfield. Source: X.com
Using Fibonacci retracements and XRP's relative performance to BTC during the previous major rally, the analyst suggested that BTC is currently five times higher than XRP's 2017 peak. Canfield said.
“This brings the price to $6.60, which is exactly 2X the previous price. I think this is probably the right *FOMO* target and stops thinking double digits or more and is very reasonable.
Similarly, Tony Edwards, founder of the Thinking Crypto podcast, set his price target for XRP at $5-$8, but highlighted a conservative approach to profit-taking.
Meanwhile, Niel, a crypto educator, explained that XRP's recent growth indicates that “new retailers are coming” and investing in popular crypto assets in the mainstream news industry.
Related: Why is XRP price down today?
XRP wallets collect 1.6 billion dollars in 3 weeks
Alongside the positive price action, the altcoin's onchain footprint is also bullish, with both whales and small retail holders increasing their XRP allocations. Data from the analytics platform Santiment shows that XRP wallets between 1 million and 10 million XRP have accumulated 679.1 million tokens worth 1.6 billion dollars in the last three weeks.
XRP wallets address activity by sentiment. Source: X.com
The forum added,
“Total non-empty XRP wallets eclipse 5.5M for the first time in the coin's 8+ year history.”
XRP Open Interest Chart. Source: CoinGlass
The surge in spot activity coincided with the XRP futures market, with open interest (OI) reaching a new high of 3.99 billion on December 2. The OIA is up nearly 100% since November 28, at around $2.06. billion. The increase in spot reserves, futures activity, and trading volumes clearly indicates a renewed interest in Ripple's native crypto token at the moment.
Bullish market momentum favors the altcoin, and little resistance remains on the higher timeframe for XRP. Considering that XRP will close above $1.99 by the end of 2024, it will be the highest annual close in history.
XRP 1 year chart. Source: Cointelegraph/TradingView
Related: XRP returns to 3rd-largest crypto after 4-year battle with SEC
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
