XRP Still Below Its All-Time High As Crypto Explodes 107%:
If you’re a cryptocurrency holder, a keen market watcher, or just read recent headlines, you know that some cryptocurrencies are making waves. In addition to Bitcoin, which is currently challenging the $100,000 level, Ripple’s XRP is also causing a price surge: the altcoin is enjoying solid support. 107% gain last week, Coingecko data showed.
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To fully understand XRP’s surge, we have to go back to the price during the November 5th election and its value at the beginning of the year. After Donald Trump’s victory, the coin started to show weakness and was trading at $1.50.
But at the beginning of this year, it was trading at $0.61, an increase of 350%. Tether has been ousted from the top cryptocurrency by market capitalization due to bullish moves in XRP.
But if you thought Ripple’s XRP momentum was coming to an end, think again. Market psychologist Crypto Michael said altcoins are still trading below their potential peaks and he expects bigger gains. “FOMO” It gets crazy fast.
The craziest thing about XRP’s rally is that it still hasn’t broken through ATH
Imagine what will happen when it breaks above ATH and enters price discovery
They laughed at me when I called for a big move above $0.50
I think it’s time for you to stop underestimating this coin.
— Michael of Cryptocurrency (@MichaelXBT) December 2, 2024
Ripple’s XRP is going viral
XRP is arguably the hottest cryptocurrency right now, outpacing Bitcoin and Ethereum. Today, XRP is Trading price is approximately $2.73its price consolidated above $2.50. Last month, its price hovered near pre-election levels of $0.60, growing more than 400% in just one month.
XRP’s exciting price rise has attracted widespread attention from holders, traders, market analysts, and psychologists. Crypto Michael frequently shares his bullish views on XRP and contributes his insights into current market behavior. In a post on Twitter/X, he stated that the token’s crazy days are not over yet.
Altcoins break out of ATH and enter “price discovery”
In the same Twitter/X post that has received over 72,000 views, Crypto Michael believes that XRP’s current rally has yet to break through its all-time high. He added that if XRP breaks out and reaches another all-time high, it will enter a price discovery phase and all bets will be off.
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Is Ripple’s XRP an era of FOMO?
The analyst also asked everyone to imagine a scenario where XRP eventually hits another all-time high and enters price discovery mode. Michael believes that if this happens, there will be a “FOMO” moment.
Crypto Michael’s continued bullish call for XRP continues to draw criticism. Still, the market psychologist stands firm. In an August 10 post, he had a price target of $2 for XRP. However, with the recent rally, Michael has reassessed his position and decided to hold.
Featured image from Fortune, chart from TradingView
