XRP, the native token of Ripple, has gained significant traction in recent weeks, with its price soaring by more than 100% in just two weeks. As of November 21, 2024, XRP is trading at $1.11, a marked increase from its recent lows. Despite the impressive price surge, XRP still remains well below its all-time high (ATH) of $3.84, which was reached back in January 2018. However, macro investor “Pharaoh” believes that XRP’s days below its ATH are quickly coming to an end.

The XRP market has been showing positive momentum, with the token staying consistently above $1 for six consecutive days. For a cryptocurrency that has long underperformed in the market, this represents a significant turnaround. Pharaoh’s analysis suggests that XRP’s price is poised for further gains and that the window to accumulate XRP at lower prices is closing. He emphasizes that it could be just weeks before the next major bull run for XRP begins.

XRP’s current price of $1.11 marks a 71% discount from its all-time high of $3.84, but market sentiment is increasingly optimistic. According to Pharaoh, market participants who buy now may be getting one of the last opportunities to purchase XRP below the $1.50 mark. He argues that XRP is poised to break out of its post-bull run consolidation phase, which could push the price much higher.

The ongoing rally in the broader cryptocurrency market, fueled by Bitcoin’s new all-time high of $97,890, has helped lift XRP’s price. Analysts suggest that Bitcoin’s bullish momentum could spill over into the altcoin market, with XRP being one of the prime beneficiaries of this market-wide uptrend. As Bitcoin approaches the much-anticipated $100,000 level, many altcoins, including XRP, are positioned to capitalize on this upward trend.

However, for XRP to make a run toward its ATH of $3.84, the cryptocurrency faces significant resistance along the way. The first major resistance level is at $1.96, the price peak it reached in 2021. Breaking through this resistance level will be crucial for XRP to confirm its continued uptrend and potentially start a parabolic move. Once this level is cleared, XRP could begin its march toward reclaiming its all-time high.

XRP’s path to recovery is not without its challenges. In 2023, the token faced difficulty breaking past the $0.74 price point, but it eventually overcame that resistance and has since continued its ascent. The next hurdle for XRP remains the $1.96 level, but many in the community are hopeful that this level could be tested and surpassed in the near future.

A key factor driving XRP’s bullish sentiment is the growing interest from long-term holders. Large investors, particularly those holding between $1 million and $100 million worth of XRP, have been accumulating the token at a rapid pace. In fact, this group of investors injected a substantial $526 million into the XRP market last week. These large holders now control approximately 45.61 billion of the total circulating supply of XRP, which represents a significant portion of the token’s market.

The influx of capital from long-term holders could create a supply shock in the market, further driving up the price of XRP. As these investors continue to accumulate XRP, the scarcity of the asset in the open market could lead to higher demand and ultimately push the price higher. This trend of accumulation is one of the key factors supporting the ongoing bullish momentum for XRP.

As the market continues to heat up, traders and investors are closely monitoring the price action of XRP. Many believe that the token’s time below its all-time high is nearing its end, and the next few weeks could prove crucial in determining whether XRP will continue its ascent toward new highs. If it can successfully break through the $1.96 resistance and maintain its bullish momentum, XRP could be on track to reclaim its ATH and potentially reach new price milestones in the future.

In summary, XRP’s impressive recent performance, combined with the continued accumulation by long-term holders and the broader market’s bullish sentiment, suggests that the cryptocurrency is poised for further growth. As market conditions improve, XRP’s days below its ATH may soon be behind it, and the token could be gearing up for its next major price surge.