XRP FOMO could push the altcoin to $6.6 by 2025 – Analyst
Supply pressure across exchanges remained low despite XRP new record high in December.
- 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.”
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.
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.
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.
