Since then, it has achieved the highest monthly return on investment (ROI) metric. At $1.95, the monthly close was the highest in seven years and surpassed its 2021 peak.
As Ripple continues to rise, one analyst believes XRP’s target price could be much higher than market expectations.
Independent cryptocurrency trader Jacob Canfield predicts that XRP could rise 100% from its previous high of $3.40.
Canfield based his analysis on Fibonacci extensions and XRP’s relative performance against Bitcoin (BTC).
He noted that compared to XRP's all-time high in 2017, the current BTC price is five times higher, and that this would push the XRP price to about $6.60 (roughly $990).
"I think this is the ideal FOMO target price and a price above double digits is not logical," he said.
Similarly, Tony Edwards, founder of the podcast Thinking Crypto,
Edward has set a target price for XRP between $5 and $8, but is slowing down due to profit realization.
Meanwhile, crypto educator Neel said, "XRP's current rise means new small investors are entering the cryptocurrency market.
"They are investing in crypto assets that are frequently mentioned in mainstream news," he said.
2024/12/03 17:50 KST
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