In November 2024, XRP saw a significant rise in value, reaching its highest levels since 2017. This event caught the attention of analysts and investors.
Market Projections for XRP
XRP has exceeded market expectations recently, sparking optimism among analysts. Trader Jacob Canfield believes XRP could reach $6.60, based on an analysis of previous highs and current trends. Other analysts, like Tony Edward, cautiously suggest a price range between $5 and $8.
XRP Wallets Accumulate $1.6 Billion
Beyond price growth, there is an increase in on-chain activity for XRP. Data from Santiment indicates that wallets holding between 1 and 10 million XRP accumulated 679.1 million tokens worth $1.6 billion over the past three weeks. The total number of unique wallets also surpassed 5.5 million for the first time in history.
Increase in Futures Market Open Interest
In addition to spot market activity, the XRP futures market is also showing rapid growth. Open interest has reached a new all-time high of $3.99 billion, nearly doubling figures recorded on November 28.
XRP continues to attract interest from both retail and large investors due to its rapid growth and market achievements. Market conditions may lead to new records if the current trend persists.
