By Michael Scott
XRP surges 33%, topping weekly gainers as a macro investor suggests a new peak is on the horizon.
The XRP affirmed its upward trajectory with a 33% intraday gain, testing $1.48 to elevate the market cap to $83.8 billion. The chart shows that XRP has held above the $1 price range since reclaiming the unit price.
The recent price action leaves XRP up 78.3% in the weekly chart to outperform the top 20 crypto by market value. Further, XRP ranks fourth with the largest gains of 79% over the past two weeks, trailing Mantra (OM) at 122%, Stellar (XLM) at 121%, and Hedera (HBAR) at 98% per CoinGecko data. Such represents a critical milestone for Altcoin, which has perennially underperformed in the market.
The upside price action of XRP is commendable, though still below the peak valuation realized in 2018. Notably, the price is 56.5% below the all-time high of $3.84.
XRP Path to a New ATH
A macro investor identified as Pharaoh indicated that XRP is set for a new peak. In his insights, he considers the prolonged wait for a new all-time-high (ATH) is over.
Pharaoh warns would-be XRP participants to urgently acquire the altcoins cheaply when the price still hovers around $1. The analyst recounted how, two weeks ago, the digital assets enthusiasts missed the opportunity to purchase additional XRPs below the unit price range.
Pharaoh hails the ‘early bird’ investors as they reap the benefits of the bullish move. The analyst conviction of a price above $1 is justified as XRP seems destined for the psychological $1.50 target level.
The market observers project XRP to avoid a steep consolidation phase. Instead, they are optimistic about sustained bullish steam as the altcoins scale to a higher price threshold.
Pharaoh reiterated that XRP will leverage the positive investor sentiment and pro-crypto developments under the Donald Trump-led administration to sustain the XRP bull run.
The community members commenting on the Pharaoh’s assertion add weight to the argument. They offer a more optimistic perspective that XRP would surpass the ATH in several days rather than weeks, citing the prevailing momentum.
XRP replicates the upsurge realized by Bitcoin as it sets a new peak value daily. The premier asset has been up 30% over the past 14 days, peaking at $99,481.60 and elevating its market cap to $1.96 trillion.
The upward trajectory has seen XRP cement sixth place. XRP can leverage its bullish momentum to catch up with BNB’s $91 billion market cap to claim fifth place.
XRP’s Path to New Peak
The XRP should rally by 240% to match the seven-year-old ATH. The journey to retracing the $3.84 price level mandates XRP to navigate 2021’s ATH of $1.96.
A glance at historical data reveals that XRP struggles to reach the 2023 ATH of $0.74. While it overcame the figure, XRP should clear the 2021 high of $1.96 as its immediate hurdle.
A separate insight by XRP critic Peter Brandt concurs with the bold outlook for XRP. The veteran analyst adds that as XRP breaks the $1.96 level, such constitutes a defining moment to stage the real parabolic run.
Factors Fueling XRP’s Uptrend
The bullish trend derives massive support from the accumulation by the whales going long on the XRP. Onchaim data shows the investors whose XRP holding estimates $1M-$100M value-added $526 million worth of tokens last week.
Surprisingly, the whales purchased the XRP from the exiting investors who profited from the slight price pump. The acquisition placed 45.61 billion tokens under the control of high-net-worth investors.
The development is critical as it implies that as long-term holders snap up tokens that retailers have availed, a supply surge is bound to emerge, thus propelling the price higher.