thecryptobasic.com
A macro investor has warned market participants about fading the positive momentum surrounding XRP, suggesting that a new all-time high is on the horizon.
XRP has been trading in the $1 price range for six consecutive days without dropping below that level. Currently changing hands at $1.11 as of press time, XRP is up by 103% over the last two weeks. This represents a significant feat for an asset that has underperformed in the market for years.
While XRP’s price action in recent weeks has been commendable, the asset remains significantly below its peak valuation. Specifically, at its current price, XRP is still trading at a 71% discount from its all-time high of $3.84.
XRP Days Below Its ATH Are Numbered
However, widely followed macro investor “Pharaoh” has asserted that XRP’s days below its all-time high are numbered. According to him, time is running out for market participants to buy XRP cheaply, around $1. Just two weeks ago, crypto enthusiasts saw the last opportunity to accumulate XRP below $1.
While those who acted earlier now benefit from the move, this analyst believes the window to buy XRP around $1 is quickly closing. The asset is expected to break from its ongoing post-bull run consolidation phase to reach a higher price threshold. He emphasized that it is just a matter of weeks before the next XRP bull run emerges.
Commenting on the post, some community members expressed the optimistic view that XRP could surpass its all-time high in days rather than weeks, given the ongoing momentum in the crypto market.
Notably, Bitcoin has broken a new peak value of $97,890 at press time. The altcoin market is preparing to capitalize on Bitcoin’s bullish momentum toward the much-coveted $100K level.
Resistance Head for XRP
Notably, XRP needs to advance by 246% to surpass its seven-year-old peak value. Meanwhile, on its journey back to $3.84, XRP faces significant resistance at its 2021 top of $1.96. It is also worth noting that XRP initially struggled to surpass its 2023 peak of $0.74 for a while before ultimately overcoming it.
Now, the $1.96 high from 2021 is XRP’s next hurdle. Prominent critic Peter Brandt agrees that successfully breaking this level would be XRP’s defining moment for a real parabolic run.
One Major Factor Supporting XRP’s Uptrend
A major factor supporting XRP’s bullish trend is the ongoing accumulation by long-term holders. Specifically, investors holding between $1 million to $100 million in XRP injected fresh capital of $526 million into the XRP market last week.
Interestingly, these investors bought the tokens from retail investors exiting XRP after the small price pump. Accordingly, this high-net-worth tier of investors controls around 45.61 billion tokens of XRP’s circulating supply. This essentially means that as long-term holders continue to buy up XRP, a supply shock could emerge, helping the price soar higher.