If you are a cryptocurrency holder, a keen market observer, or just reading the latest headlines, you will know that some cryptocurrencies are making waves. Besides Bitcoin, which is currently approaching the $100,000 level, Ripple's XRP is also driving prices up: Coingecko data shows that this altcoin achieved a steady growth of 107% last week.
To fully understand the surge of XRP, we must look back at the price of XRP during the election on November 5th and its price at the beginning of the year. After Donald Trump won, XRP started off sluggishly with a trading price of $1.50.
But at the beginning of this year, its trading price was $0.61, marking a 350% increase. Due to XRP's bullish trend, Tether has been dethroned from its position as the highest market cap cryptocurrency.
But if you think the momentum of Ripple's XRP is about to end, think again. Market psychologist Crypto Michael states that the trading price of this altcoin is still below its potential peak, and he expects a bigger 'FOMO' frenzy to emerge soon.
The craziest part of this XRP rebound is that it has yet to break through its all-time high.
Imagine what will happen when it breaks through ATH and enters the price discovery phase.
When I predicted that the price would significantly break through $0.5, they all laughed at me.
I think it's time for you to stop underestimating this coin.
Ripple's XRP is thriving.
XRP can be said to be the hottest cryptocurrency right now, with gains exceeding those of Bitcoin and Ethereum. Today, XRP is trading at around $2.73, consolidating above $2.50. Last month, its price hovered around $0.60 before the election, increasing by more than 400% in just one month.
The astonishing price surge of XRP has attracted a lot of attention from holders, traders, market analysts, and psychologists. Crypto Michael often shares his bullish outlook on XRP and contributes his insights to the current market trends. In a Twitter/X post, he shared that the crazy days for this token are not over yet.
Altcoins are breaking through all-time highs and entering the 'price discovery' phase.
In the same Twitter/X post that gained over 72,000 views, Crypto Michael believes that XRP's current uptrend has not yet broken its historical high. He added that if XRP breaks through and sets another all-time high, it will enter a price discovery phase, and all bets will be off.
Is it FOMO time for Ripple's XRP now?
This analyst also challenges everyone to imagine a scenario where XRP eventually sets another all-time high and enters a price discovery mode. If this happens, Michael believes that a FOMO moment will erupt.
Crypto Michael's ongoing bullish perspective on XRP continues to face criticism. Nevertheless, this market psychologist remains firm in his stance. In a post on August 10, he set a target price of $2 for XRP. However, with the recent rebound, Michael reassessed his stance and decided to hold.