XRP (XRP) recorded a 297% increase in November 2024, its highest monthly return on investment (ROI) since December 2017. The monthly close of $1.95 is also a seven-year high and a break above its 2021 peak.

XRP is already up another 20% in the last 24 hours, and one analyst stated that its price target could be much higher than expected.

Analyst sets XRP “FOMO” target at $6.60

With XRP outperforming market expectations in recent weeks, Jacob Canfield, an independent crypto trader, said that XRP could rise another 100% from its previous all-time high of $3.40.

Using Fibonacci extensions and the relative performance of XRP compared to BTC during its previous all-time high rally, the analyst highlighted that BTC is currently five times higher than its price in 2017, when XRP reached its all-time high. Canfield said:

“That would put the price at about $6.60, exactly twice the value of the previous peak. I think that’s probably the ideal *FOMO* goal and would stop thinking double digits or higher and that’s very logical.”

Similarly, Tony Edward, founder of the Thinking Crypto podcast, set his price target for XRP at $5 to $8 but emphasized a conservative approach to profit-taking.

Meanwhile, Neel, a crypto educator, explained that XRP’s current rise suggests that “new retail is coming in” and that they are investing in crypto assets that are popular in the mainstream news industry.

Related: Why is XRP price down today?

XRP wallets accumulate $1.6 billion in three weeks

In addition to the positive price performance, the altcoin’s on-chain footprint is also positive as both whales and small retail traders increase their XRP allocation. Data from Santiment, an analytics platform, showed that XRP wallets with a value between 1 and 10 million XRP had accumulated 679.1 million tokens worth $1.6 billion over the past three weeks.

The platform also added:

“The total number of non-empty XRP wallets has surpassed 5.5 million for the first time in the coin’s eight-plus-year history.”

The increasing spot activity is also synonymous with the XRP futures market, where open interest (OI) reached a new all-time high of 3.99 billion on December 2nd. The OI is up almost 100% since November 28th when it was around $2.06 billion. An increase in spot accumulation, futures activity, and trading volume clearly shows that there is currently new interest in Ripple’s native crypto token.

Bullish market momentum favors the altcoin, and there is little resistance left on the higher time frame for XRP. Considering XRP closes above $1.99 by the end of 2024, it will be the highest annual close in history.

Related: XRP returns to third-largest cryptocurrency after four-year battle with SEC

This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making their decision.