This is how Ripple (XRP) can break its yearly high of $0.74

Ripple’s native token was a bit late to the ongoing bull party, but managed to make some gains earlier this week and hit a multi-month high of $0.74.

It has lost steam since then, along with the rest of the market, but still has a chance to break the 2024 high and here’s how, according to Santiment.

XRPUSD. Source: TradingView

XRP lost its spot as the sixth largest cryptocurrency to Dogecoin last week and has been far from having a chance to regain it. Currently, the meme coin has a market cap of $57 billion, while the Ripple token is $39 billion.

Even the rally that took place a few days ago and pushed XRP to $0.74 did not close the gap enough. However, it managed to draw the crowds, according to market research firm Santiment.

It recently reported that more than 4% of all cryptocurrency discussions on social media have focused on Ripple following Tuesday’s price surge. As such, XRP has once again become the talk of the town, but it needs more to surpass this peak.

Santiment noted that FOMO needs to be kept “at bay,” with traders continuing to talk about XRP and, most importantly, allocate funds to it.

The tweet also mentioned funding rates on larger crypto exchanges like Binance as they shouldn’t be “too heavy for too long,” which could halt XRP’s recovery.

The XRP community has erupted with excitement and discussions surrounding the #7 crypto market cap. Over 4% of all coin discussions are related to XRP after a +45% breakout over an 8-day period.

Breaking above $0.74, its high of the year in March, will largely depend on whether FOMO remains… pic.twitter.com/IubbdmJY8n

— Santiment (@santimentfeed) November 13, 2024

Although it has a large and engaged community, XRP has lost a lot of momentum due to the ongoing meme coin craze. Many of these altcoins have seen double and even triple digit price increases at times.

With assets like DOGE rising 150% in a week, PEPE hitting a new all-time high and PNUT pulling a $2 billion market cap in a matter of days, retail traders are expected to focus more on those alternatives that not less volatile like XRP.

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