If you’re a cryptocurrency holder, a keen market watcher, or just reading the news headlines lately, you know that some cryptocurrencies are making waves. In addition to Bitcoin, which is currently approaching the $100K level, Ripple’s XRP is driving the price higher, with the altcoin posting a solid 107% gain over the past week, data from Coingecko shows.
To fully understand XRP’s rise, we must take a step back to its price around the time of the November 5th election and its value at the start of the year. Immediately after Donald Trump’s victory, the price of the coin began to sluggish and traded at $1.50.
But at the beginning of the year it was trading at $0.61, up 350%. Thanks to XRP’s bull run, Tether has been dethroned as one of the top cryptocurrencies in terms of market capitalization.
But if you think Ripple’s XRP momentum is about to end, think again. According to Crypto Michael, a market psychologist, the altcoin is still trading below its potential peak and he expects more “FOMO” frenzy to occur in the near future.
The craziest thing about this XRP rally is that it still hasn’t broken its ATH.
Imagine what will happen when it breaks the ATH and enters the price opening zone.
They laughed at me when I called for a major breakout at $0.5.
I think it’s time to stop undervaluing this coin.
— Crypto Michael (@MichaelXBT) December 2, 2024
Ripple’s XRP is having a moment
XRP is perhaps the most popular cryptocurrency at the moment, and its returns are superior to those of Bitcoin and Ethereum. Today, XRP is trading around $2.73, consolidating its price above $2.50. Last month before the election, its price hovered around the $0.60 level, reflecting an increase of more than 400% in just one month.
The spectacular rise in XRP prices has attracted significant attention from holders, traders, market analysts and psychologists. Crypto-Michael, who regularly shares his bullish forecasts for XRP, shared his opinion on the current market movement. In a post on Twitter/X, he said that the wild days of the token are not over yet.
Altcoin will break through ATH and enter a “price opening”
In the same Twitter/X post, which received over 72K views, Crypto Michael argued that XRP’s current rise has not broken its all-time high. He added that if XRP breaks out and reaches another all-time high, it will reach its price point and all bets are off.
Is it time for FOMO for Ripple’s XRP?
The analyst also encouraged everyone to imagine a scenario in which XRP finally hits another all-time high and enters price discovery mode. Michael believes that if this happens, there will be a moment of FOMO.
Michael’s ongoing bullish call on the XRP cryptocurrency continues to come under criticism. However, the market psychologist remains firm in his position. In a post on August 10, he targeted $2 for XRP. However, after the recent rally, Michael reevaluated his position and decided to stick with it.
Featured image by Fortune, chart by TradingView
