If you’re a crypto holder, a keen market observer, or just reading the headlines lately, you’ll know that a few cryptocurrencies are making waves. In addition to Bitcoin, which is currently teasing the $100k level, Ripple’s XRP is creating a price surge: the altcoin is enjoying a solid 107% gain in the last week, data from Coingecko shows.
To fully understand XRP’s surge, we must take a step back to its price during the November 5th elections and its value at the start of the year. Immediately after Donald Trump won, the coin was off to a sluggish start, trading at $1.50 levels.
But at the beginning of the year, it was trading at $0.61, reflecting a 350% increase. Thanks to XRP’s bullish movement, Tether has been dethroned from the top cryptos in terms of market caps.
But if you think that Ripple’s XRP momentum is about to end, well – think again. According to Crypto Michael, a market psychologist, the altcoin is still trading below its potential peak, and he expects a bigger “FOMO” frenzy soon.
The craziest thing about this XRP rally is that it still hasn’t broken its ATH
Imagine what will happen when it breaks ATH and enters price discovery
They laughed at me when I called for a major breakout back at $0.5
I think it’s time you stopped underestimating this coin
— Crypto Michael (@MichaelXBT) December 2, 2024
Ripple’s XRP Is Having A Moment
XRP is arguably the hottest crypto right now, and its gains outperform those of Bitcoin and Ethereum. Today, XRP is trading at around $2.73, consolidating its price above $2.50. Last month, its price was hovering near the $0.60 level just before the elections, reflecting a growth of over 400% in just one month.
XRP’s thrilling price rally has attracted considerable attention from holders, traders, market analysts, and psychologists. Crypto Michael, who regularly shares his bullish calls on XRP, has contributed his insights on the current market action. In a Twitter/X post, he shared that the token’s wild days aren’t over.
Altcoin To Break ATH And Enter ‘Price Discovery’
In the same Twitter/X post that garnered over 72k views, Crypto Michael argued that XRP’s current rally hasn’t broken its all-time high. He added that if XRP breaks out and hits another all-time high, it enters its price discovery, and all bets are off.
Is It FOMO Time For Ripple’s XRP?
The analyst also challenged everyone to imagine a scenario in which XRP finally hits another all-time high and enters price discovery mode. Michael thinks a FOMO moment will break out if this happens.
Crypto Michael’s continuous bullish call on XRP has continued to receive criticism. Still, the market psychologist remains firm in his position. In an August 10th posting, he targeted $2 for XRP. However, with the recent rally, Michael has re-assessed his position and decided to hold.
Featured image from Fortune, chart from TradingView
