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Market psychologist Michael XBT sees XRP still trading below its peak as a key bullish indicator, suggesting a larger FOMO frenzy could follow.
XRP is experiencing heightened investor interest amid its ongoing spectacular rally, which has taken many by surprise. Today, XRP traded as high as $2.50, a level last seen about seven years ago. This impressive price surge comes as XRP has seen over 400% growth since last month.
As a result, this remarkable performance has attracted optimistic commentary from market watchers, including former renowned XRP critics.
One such observer, Michael XBT, a market psychologist known for his bullish XRP calls, took to X today to share his thoughts on the current rally. According to Michael, the “craziest thing” about the ongoing XRP uptrend is that the asset is yet to reach its all-time high, suggesting it’s almost as if it is in the initial stages.
FOMO May Follow XRP Breaking ATH
He urged market participants to envision what could happen when XRP finally breaks its all-time high and enters price discovery. This perspective suggests that the ongoing FOMO surrounding XRP will intensify.
At press time, XRP is trading at $2.44, just 37.25% below its all-time high of $3.84. Essentially, this means XRP will surpass its all-time high if it sees an additional 57% price increase.
Meanwhile, XRP has risen by over 64% in the last seven days, making an additional 57% seem within reach.
Many Still Underestimating XRP Potential
Michael has also proudly reminded market participants that he accurately predicted the ongoing XRP price surge. In July, when XRP traded below $0.50, he boldly declared that a historic breakout was imminent for XRP. He noted that he had never seen any cryptocurrency undergo such a prolonged seven-year consolidation phase as XRP.
“We might be about to witness one of the most significant breakouts in crypto history,” he said at the time.
However, because XRP largely lagged behind the overall market bull momentum, his bullish call was met with resistance from critics. Despite this, Michael stood firm in his position. Four months later, the projected breakout occurred, and XRP has seen about 5X growth since then.
According to Michael, many are still underestimating how high XRP could go in this bull market. Experts have also noted that there is still room for growth over the next 12 months before the bull market ends, presenting a wide window for XRP’s continued ascent.
How High Can XRP Go?
Regarding how high XRP could go, Michael initially set $2 as his first target for the asset. He had planned to sell at that point. However, with the recent rally, he has revised his stance, stating that he is no longer taking profits at this price level.
While Michael has become even more convinced that XRP will continue to rise, he has yet to reveal his next target for the asset.
Nonetheless, he often challenges other analysts who are predicting a 300X run for XRP in this cycle. He believes that a 10X increase would be a more realistic projection.