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"reaching its peak" is a correct and commonly used phrase in written English.
It means that something has reached its highest point or level of achievement. Example: The stock market has been steadily climbing for months and is now reaching its peak, making it a good time for investors to sell.
Exact(59)
Or is it just reaching its peak point?
It climbed the chart, reaching its peak position of number eighteen three weeks later.
After reaching its peak intensity, the system weakened as it moved into the far northeast Atlantic, dissipating by January 17.
In its second week within the chart, it leaped to number twenty, before reaching its peak of number two.
It fluctuated in the top 20 before reaching its peak at number 11 on July 24 , 2010
It fluctuated on the chart for several weeks, before reaching its peak of 83.
The following week it fell off the chart but later re-entered, reaching its peak at number 68.
El Nino 2015 reaching its peak – now what?
The 'gap year' phenomenon is reaching its peak.
Meanwhile, the number of theaters dramatically increased, reaching its peak in 1960.
Similar(1)
Shortly after reaching its peak intensity, the depression weakened.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com