XRP Accumulation Surges as Analysts Forecast Potential Price Rise to $6 by 2025
The post XRP Accumulation Surges as Analysts Forecast Potential Price Rise to $6 by 2025 appeared on BitcoinEthereumNews.com.
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. 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. 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,…
Filed under: News - @ December 2, 2024 10:25 pm