Psychologists say that as cryptocurrencies surge by 107%, XRP remains below its historical peak.
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 teasing the $100 level, Ripple's XRP is also causing a price surge: Coingecko data shows that the altcoin rose by 107% last week.
To fully understand the surge of XRP, we must look back at its price during the elections on November 5 and its value at the beginning of the year. After Donald Trump’s victory, the token had a slow start, trading at $1.50.
But at the beginning of the year, its trading price was $0.61, marking a 350% increase. Due to XRP's bullish trend, Tether has been ousted from the top cryptocurrencies by market cap.
However, if you think the momentum of Ripple's XRP is about to end, then - think again. According to market psychologist Crypto Michael, the trading price of altcoins is still below their potential peak, and he expects a larger 'FOMO' frenzy to occur soon.
The craziest part of this XRP rebound is that it still hasn't broken its ATH.
Imagine what will happen when it breaks ATH and enters price discovery.
When I called for a significant breakthrough at $0.5, they laughed at me.
I think it's time for you to stop underestimating this coin.
— Crypto Michael (@MichaelXBT) December 2, 2024
Ripple's XRP is experiencing a moment.
XRP can be said to be the hottest cryptocurrency at the moment, outperforming Bitcoin and Ethereum. Today, XRP's trading price is around $2.73, consolidating its price above $2.50. Last month, its price hovered around $0.60 before the election, rising over 400% in just one month.
XRP's thrilling price increase has attracted significant attention from holders, traders, market analysts, and psychologists. Crypto Michael often shares his bullish outlook on XRP, contributing insights into current market behavior. In a Twitter/X post, he shared that the token's crazy days are not over yet.
Altcoins break ATH and enter 'price discovery.'
In the same Twitter/X post that garnered over 72k views, Crypto Michael believes that the current rise of XRP has not broken its historical high. He added that if XRP breaks and sets another historical high, it will enter price discovery, and all bets will be off.
Is it FOMO time for Ripple's XRP now?
Analysts also challenge everyone to imagine a scenario where XRP eventually sets another all-time high and enters price discovery mode. Michael believes that if this happens, the FOMO moment will explode.
Crypto Michael's continued bullish outlook on XRP has been met with criticism. Nevertheless, this market psychologist remains steadfast in his position. In a post on August 10, he set a target for XRP at $2. However, with the recent rebound, Michael reassessed his position and decided to hold.