- An analyst projected that XRP could rally to $6.6 by market FOMO.
- Supply pressure from exchanges remained surprisingly low despite high prices.
Ripple’s [XRP] exploded 4x in the past 30 trading days, hitting a record high of $2.8 as of press time.
However, according to crypto analyst Jacob Canfield, the market FOMO could push the altcoin even higher to $6.6, 2x its all-time high of $3.3 in 2017. He said,
“This would put the price around $6.60, exactly 2X the value of its previous high. I think this is probably the ideal *FOMO* target.”
Source: X
Canfield correlated XRP’s potential move to BTC’s 5X move between 2017 and 2024. However, he noted that XRP could stall at $2.75-$3 and retrace before pushing forward to the ‘FOMO’ target.
Massive XRP accumulation
That said, the altcoin saw a massive accumulation spree in November. Santiment data indicated that retailers and whales scooped XRP in record numbers last seen 8 years ago.
Non-empty wallets hit 5.5 M, while whales holding 1M-10M XRP grabbed $1.6B worth of the altcoin in three weeks.
Source: Santiment
So, the massive upswing was driven by aggressive spot market demand. Its market cap also expanded 5X, surging from $30B to $160B, topping as the 3rd largest cryptocurrency by market size.
Read Ripple [XRP] Price Prediction 2024-2025
Despite recent spikes in whale-to-exchange transactions, the XRP supply pressure on centralized exchanges (CEXes) was low, as indicated by flat exchange inflows.
Source: CryptoQuant
This meant that most users were still holding their tokens, perhaps expecting higher prices in the future. As of press time, XRP was valued at $2.73, up 16% on the daily charts.
