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.