A prominent macro investor has warned market participants regarding XRP’s bullish momentum, suggesting that the asset is on the verge of recording a new all-time high (ATH).
XRP has maintained a stable position in the $1 to $2 price range for six consecutive days, reflecting increasing market confidence. As of press time, XRP trades at $1.11, representing an over 100% gain in the past two weeks. This marks a significant turnaround for the digital asset, previously overshadowed in the broader cryptocurrency market.
XRP’s Long Journey to Surpass Its ATH
Despite recent progress, XRP remains well below its ATH of $3.84, set during the previous market cycle. At its current price, the asset is trading at a 71% discount from this historic high.
On its path toward this target, XRP faces key resistance levels, particularly at $1.96—its 2021 peak. The asset initially struggled to break past its 2023 high but has since overcome this barrier, signaling increasing bullish momentum.
According to market veteran Peter Brandt, surging beyond $1.96 will be pivotal for XRP, potentially triggering a significant rally.
Time Running Out for Low-Cost XRP
The well-known macro investor “Pharaoh” recently asserted that “XRP’s days below ATH are numbered.” He cautioned that opportunities to purchase the asset at its current price levels are diminishing rapidly, adding that “just two weeks ago, crypto enthusiasts saw the last opportunity to accumulate XRP below $1.”
Pharaoh believes XRP is nearing the end of its consolidation phase and could soon enter a bullish cycle. In his view, the next major rally is a matter of weeks away, with the asset poised to establish higher price thresholds. Optimistic community members have suggested that XRP could surpass its ATH within days, reflecting growing enthusiasm in the market.
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Altcoin Momentum Amid Bitcoin’s Historic Gains
XRP’s bullish prospects are unfolding against the backdrop of a historic rally in Bitcoin, which recently reached a new ATH of $98,600. Bitcoin’s strong performance has energized the broader cryptocurrency market, with altcoins like XRP preparing to capitalize on this momentum. The anticipation surrounding Bitcoin’s potential move to $100,000 has further bolstered market sentiment.
Support From Long-Term Holders
One of the factors driving XRP’s uptrend is the sustained accumulation by high-net-worth investors. On-chain data indicates that wallets holding between $1 million and $100 million in XRP added $526 million last week.
This buying activity occurred as retail investors exited their positions following XRP’s recent price surge. As a result, these large investors now control approximately 45.61 billion XRP tokens, a significant portion of the circulating supply. Analysts suggest that continued accumulation by long-term holders could create a supply shock, further boosting XRP’s price.
With increasing demand and strategic accumulation by institutional players, XRP is positioned to test and potentially surpass its ATH, according to market analysts. However, achieving this milestone will depend on breaking key resistance levels and maintaining its current momentum.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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