XRP is preparing to update its value record

The Ripple network token XRP $2.41 XRP 0.39% Market capitalization $137.72 billion VOL. 24 hours $0.75 billion showed record growth in November 2024, reaching its highest level since 2017. Analysts predict that the cryptocurrency has the potential to exceed its previous historical high of $ 3.40, paving the way for new price peaks.

As you know, in November, XRP showed an extraordinary gain of 297%, ending the month at $ 1.95, the highest level in the last seven years.

Over the past 24 hours, the token’s price has risen by another 14%, which has further stimulated market optimism.

Independent crypto trader Jacob Canfield predicts that XRP could reach $ 6.60 based on technical analysis and historical data.

At the same time, Tony Edward claims that the range of possible growth is between $ 5 and $ 8, recommending moderate profit-taking strategies.

Also, activity on the XRP network has increased significantly. Data from the Santiment analytical platform shows that major players (crypto whales) have accumulated more than 679 million XRP worth $ 1.6 billion over the past three weeks.

The number of active XRP wallets has exceeded 5.5 million, a new historical record. At the same time, the open interest in the XRP futures market reached $ 3.99 billion, doubling since the end of November.

An additional impetus for XRP was provided by WisdomTree’s application to create an exchange-traded fund (ETF) tied to XRP.

This initiative is a response to the growing demand of institutional investors for regulated instruments for investing in cryptocurrencies.

Analysts believe that XRP’s further growth will depend on the token’s ability to hold the $ 1.99 level by the end of the year.

If successful, this will be the highest annual close in XRP’s history, confirming its upward trend.

Potential ETFs and growing institutional interest could be the catalysts for reaching new heights, strengthening XRP’s position in the cryptocurrency market.