Can XRP flip BNB, reach $2 this bull cycle? Key levels suggest…

XRP outpaces its rivals as FOMO builds, reclaiming the elusive $1 level after three years.
To hit $2, bulls must squeeze weak hands.

As a seasoned crypto investor with a decade of rollercoaster rides under my belt, I must admit that the recent surge of XRP has piqued my interest once again. After three long years, seeing XRP reclaim the $1 mark is nothing short of exhilarating – like witnessing a phoenix rise from the ashes.

In a surprising turn of events, XRP (Ripple), often referred to as the unexpected contender, has yet again surpassed its competitors this cycle. The digital currency ended the week on a high note, experiencing a significant 8% increase in market capitalization, currently valued at a substantial $87 billion.

The recent surge in popularity has sparked debate about whether XRP could regain its record-breaking peak value of more than $3 faster than other cryptocurrencies, given that it surpassed the significant barrier of $1 for the first time in over three years recently.

As fear-of-missing-out (FOMO) intensifies among retail investors anticipating higher profits, some may perceive the ongoing rally as a suitable moment for cashing out. They caution that the coin could be overheating and might lead to a correction.

Given this unusual occurrence, AMBCrypto explored the possibility of XRP reaching a value of $2, which could potentially cause it to surpass Binance Coin [BNB], allowing XRP to take the fifth position in terms of market capitalization.

Bulls appear psychologically primed

During the 2021 market cycle, when XRP surpassed the $1 value, its price fluctuations became less predictable and unsteady, as demonstrated on the day-to-day price graph, with the Relative Strength Index often staying within the overbought region.

Initially, as a crypto investor, I eagerly anticipated that XRP might hit the $2 mark. However, the trend unexpectedly reversed, dragging the coin back into losses. Since then, Ripple has been diligently working towards reclaiming its $1 milestone, and three years later, they finally managed to reach it.

Psychologically speaking, this much-anticipated return could ignite increased feelings of missing out (FOMO) among investors, who are now more reluctant to delay their investment in XRP due to its present bullish trend and the hope of reaching a record-breaking peak price.

It’s worth noting that within the past three days, the withdrawal of XRP from Binance hit an all-time high, moving about 15 billion tokens out.

Four days following the consolidation of XRP near the $1 mark, there was a significant occurrence, with a subtle downward trend noticeable in the daily chart suggesting a slightly bearish atmosphere.

Source : CryptoQuant

As a crypto investor, I’ve noticed that the bulls seemed to have successfully forced out some anxious investors who were holding weak positions. This was due to the rapid surge in XRP’s price, reaching crucial milestones in merely ten trading days, causing quite a few people to fear an immediate correction.

Rather than pulling back, instead, the bulls displayed impressive tenacity, sparking the most significant build-up period ever seen in XRP’s history – a move that lends credence to AMBCrypto’s previous predictions about the influence of Fear Of Missing Out (FOMO).

Essentially, prior to Ripple experiencing a decline similar to the one seen three years ago and many investors leaving, the buyers stepped forward strongly, purchasing large amounts of XRP tokens to counteract any potential price drop.

Their efforts paid off as XRP surged over 12% the following day.

As I delve into my analysis, it’s clear that for us to push past the $2 mark, we need persistent buying momentum. Failing to maintain this could potentially lead to a correction, a risk that seems particularly high given XRP’s swift climb to $1.55 (at the time of writing) with impressive double-digit daily returns.

So, is $2 within reach for XRP?

As Bitcoin (BTC) accumulates significant investment, still holding steady below its historical $100K goal, there’s a strong possibility that a substantial transformation might occur across the entire cryptocurrency market once Bitcoin achieves this milestone.

Certainly, BTC may dominate the spotlight, but given the high stakes of its price range, some selling pressure is likely to emerge – something XRP bulls could capitalize on.

Despite Ripple showing strength across multiple indicators, it’s crucial for bulls to continue the ongoing buying trend to preserve Ripple’s leadership against competitors and reinforce its standing as a robust contender to Bitcoin during market uptrends.

Realistic or not, here’s XRP market cap in BTC’s terms

If this ongoing pattern persists over the next few days, it’s possible that XRP might approach $2. This development could serve as a stepping stone towards a steep increase, possibly leading XRP to a fresh record high.

In this situation, the likelihood that bulls will prevail over bearish forces continues to grow stronger, as they firmly defend against downward pressure. This scenario is boosted by high Fear Of Missing Out (FOMO) and persistent accumulation of XRP, making it a prime choice for investors shifting their Bitcoin profits towards Ripple.

2024-11-23 14:16

Bulls appear psychologically primed

So, is $2 within reach for XRP?

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