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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