thecryptobasic.com
A prominent figure in the crypto community voiced his opinion about XRP reclaiming its six-year-old all-time high of $3.84.
Joshua Jake, a host at the Discover Crypto channel, recently contemplated this subject in a post on X. He believes XRP regaining its 2018 ATH in this burgeoning bull market could be a far-fetched dream.
Can $XRP hit all time highs this Bull Run?? pic.twitter.com/5h6YS8BFeU
— Joshua Jake (@itzjoshuajake) February 28, 2024
Can XRP Hit All-Time Highs this Bull Run?
Jake’s view came amid Bitcoin’s latest shocking attempt to crack its 2021 peak with a significant 20% rally that has had far-reaching implications for the broader crypto market.
In particular, BTC surpassed $64k within the last 24 hours. The new threshold puts the asset at a 6% rally away from setting a new record high.
Prominent altcoins like BNB, Solana (SOL), and Cardano (ADA) have mirrored Bitcoin’s path, recording comparable double-digit percentage growth rates. Meanwhile, XRP moves rather sluggishly behind with less comparable percentage growth.
The sluggish movement of XRP has reignited discussions about its ability to reach the $3.84 mark from 2018, especially considering its failure to set new highs in 2021 following Bitcoin’s surge. And now, the asset again shows a notable lag behind Bitcoin’s rally.
LINK and MATIC to Outrank XRP
While XRP remains the sixth most prominent asset, Joshua Jake argued that the competition would replace it in this bull run.
Jake believes rivals like Chainlink (LINK) and Polygon (MATIC), which are at least six steps behind XRP, would gain market share that would see them knock XRP out of its position.
Notably, data from the market tracking platform CoinMarketCap indicates that LINK and MATIC have witnessed 37% and 32% rallies in the last 30 days, respectively. Within the same window, XRP has seen a 13% rise.
Meanwhile, Jake emphasized that there is nothing inherently wrong with holding XRP for those who have faith in it. Nonetheless, he highlighted its significant setback in failing to reach a new all-time high over the past six years.
Essentially, he is unconvinced that XRP would break the jinx this cycle.
Diversify from XRP
Consequently, Jake encouraged XRP enthusiasts to contemplate diversifying their cryptocurrency portfolios rather than relying solely on XRP.
Jake underscored that Bitcoin is spearheading an unprecedented movement toward establishing a new ATH, especially with its halving just weeks away.
He noted that Bitcoin’s performance will likely garner global attention and trigger a fear of missing out frenzy (FOMO).
However, Jake stressed that the retail FOMO would not necessarily extend to XRP, thereby emphasizing the importance of diversification.
At press time, XRP trades at $0.5939, with a 1.7% gain in the last 24 hours.