- Ecoinimist Pulse
- Posts
- Whales Accumulate $1.6 Billion XRP as Price Surges: Is $6.60 the Next Stop?
Whales Accumulate $1.6 Billion XRP as Price Surges: Is $6.60 the Next Stop?
XRP surged 297% in November 2024, hitting its highest levels since 2017, with analysts projecting further gains to $5-$8 amid massive whale accumulation, bullish market sentiment, and record-breaking futures activity.
Steven Walgenbach
December 03, 2024
Stay Up to Date With All of the Latest Crypto Market Developments!
Keep up with the latest happenings in the crypto market! The Ecoinimist Telegram group shares quick updates on important technical events like EMA crosses and more, plus it offers #AI-powered insights to help you understand what the #crypto charts are really saying as well as notifications of new listings on Binance.
We will be adding more exchanges and crypto monitoring in the future to create a single group for everything traders and investors will want to keep tabs on! Let the #bots do it! Just a heads up, everything in this group is for informational purposes only and not financial advice!
Join the group to stay in the loop, it’s FREE! https://
Breaking Crypto Stories
Here are the top stories today:
XRP Has ‘FOMO’ Target at $6.60 by 2025 — Analyst
US Interest Rate Cut In December Rises to 74.5% Probability: FedWatch
Are We on the Brink of Altcoin Season? Discover the Key Factors Driving Change
XRP Rises to the Top: The Comeback Story You Can't Miss
Ethereum Beacon Chain ‘Far From Perfect’ but Brings Massive Opportunity
Question of the Day
Will XRP lead the altcoin season?
XRP experienced a massive 297% surge in November 2024, reaching its highest monthly ROI since 2017, with analysts projecting further gains to $5-$8 amid rising retail interest, on-chain accumulation, and record-breaking open interest in futures markets.
XRP's November 2024 ROI of 297% marked its best monthly performance since 2017, with the price closing at $1.95—a seven-year high and a significant breakout above its 2021 peak.
Analysts, including Jacob Canfield and Tony Edward, predict a potential price target between $5 and $8, supported by rising Fibonacci extensions and increased retail and whale accumulation of 679.1 million XRP tokens worth $1.6 billion.
XRP futures open interest hit an all-time high of $3.99 billion, driven by heightened trading volumes and spot accumulation, reinforcing bullish momentum as XRP approaches its highest yearly close at $1.99.
The CME FedWatch tool shows a 74.5% probability of a December Federal Reserve rate cut to 4.25%-4.5%, sparking market optimism and reinforcing Bitcoin's bullish momentum amid expectations of eased borrowing costs and favorable regulatory reforms.
The CME FedWatch tool indicates a 74.5% likelihood of a 0.25% Federal Reserve rate cut in December, up from 66% a week prior, as the Fed aims to reduce rates from their current 4.5%-4.75% target.
Comments from key figures, including Federal Reserve Governor Christopher Waller and New York Fed President John Williams, suggest a possible rate cut, though final decisions hinge on upcoming economic data related to inflation, employment, and consumer spending.
Historically, lower borrowing costs have driven investors toward riskier assets like Bitcoin, which has already more than doubled this year; analysts predict a potential rally to $100,000 by year-end despite recent minor declines.
The cryptocurrency market shows signs of a potential altcoin season, driven by evolving factors like stablecoin liquidity, declining Bitcoin dominance, and innovative developments within the altcoin space.
Trading volumes for altcoins are now increasingly measured against stablecoins and fiat pairs, marking a shift from traditional Bitcoin-based metrics.
Key signals of an altcoin season include declining Bitcoin dominance, positive market sentiment, and advancements in blockchain technology.
Diversification, thorough research, and robust risk management are crucial to capitalize on opportunities while mitigating risks during this phase.
XRP has made a remarkable comeback, becoming the third-largest cryptocurrency by market cap, driven by legal victories, strategic partnerships, and positive market sentiment.
Favorable court rulings in Ripple's ongoing battle with the SEC have boosted investor confidence and driven XRP's resurgence.
Collaborations with global financial institutions have enhanced XRP's utility and adoption in cross-border payments.
Growing acceptance of cryptocurrencies as an asset class has fueled investor interest in XRP, pushing it to new heights.
The Ethereum Beacon Chain, marking its fourth anniversary, has established itself as a robust foundation for blockchain technology while facing challenges, with new advancements like the proposed Beam Chain paving the way for its evolution.
Over four years, it has secured $125 billion in economic stability, achieved 100% uptime, and advanced Ethereum's proof-of-stake consensus.
Challenges like censorship resistance, MEV management, and post-quantum security highlight areas for growth.
Justin Drake unveiled the "Beam Chain," a proposed successor aimed at achieving Ethereum’s “final design” and future scalability.
ICYMI:
Start Trading Now!
Looking to buy crypto? Register on Binance today to begin your crypto journey on one of the most liquid exchanges in the industry!
Don’t Want to Sit Behind Screens All Day?
Trading the markets is tough, and requires an extreme level of dedication. This is why Binance has made it easy to Dollar cost average into crypto! Find out how to get started here: Dollar Cost Averaging on Binance: A Guide to Investing
To make your crypto work for you, find out how to stake on Coinbase.
Thank you for reading!
Thank you for reading our newsletter! If you liked what you read, please share it with your friends!