XRP Surges 297%, Analysts Eye $6.60 Target Amid FOMO
XRP has seen an astonishing surge in price over the past month, increasing by a staggering 297% in November 2024. This marks its highest return on investment (ROI) since December 2017 and represents a seven-year peak for the asset.
The monthly close at $1.95 surpasses XRP's previous high from 2021, signaling a bullish outlook among market analysts. Market analyst Jacob Canfield suggests that XRP might hit $6.60, representing a 100% increase from its previous high of $3.40.
Canfield's prediction is based on Fibonacci extensions and a comparison to Bitcoin's price during its last peak. He noted that BTC's price is fivefold its 2017 level, suggesting 'a logical price target around $6.60, double its prior peak.' It's an ideal 'FOMO' target, steering clear of overly ambitious projections.
Tony Edward, founder of Thinking Crypto podcast, also foresees a target in the $5-$8 range but recommends a prudent approach to securing profits. Meanwhile, Neel, a crypto educator, points to XRP's growth as evidence of fresh retail investors entering the market, driven by mainstream media coverage.
Contributing to XRP's positive momentum is an evident accumulation by both large and small investors. Data from analytics platform Santiment reveals an increase of 679.1 million tokens worth $1.6 billion in wallets holding between 1 million to 10 million XRP over three weeks.