XRP, the native token of the Ripple network, could be poised for a significant market cap surge, according to a new analysis by crypto expert EGRAG Crypto, News.az reports citingThe currency analytics.
The analyst’s predictions suggest that XRP could potentially outperform leading cryptocurrencies like Bitcoin and Ethereum, with the possibility of its market dominance pushing the token’s valuation to a staggering $1.56 trillion, equating to a price of $27.2 per token.
At present, XRP holds a market cap dominance of approximately 3.93%, but EGRAG believes that the token is on the verge of a breakthrough. The analysis highlights that XRP has successfully surpassed key Fibonacci retracement levels, notably the 0.382 level, and is now moving toward the 0.5 level, which sits at 5.57%. Should XRP break this level, the analyst predicts that it could experience a surge in market dominance, potentially reaching double-digit figures.
The predictions align with Ripple CEO Brad Garlinghouse’s earlier comments about the cryptocurrency market’s future potential. Although Garlinghouse had previously forecasted a $5 trillion crypto market cap by the end of 2024, recent market fluctuations have delayed this milestone. As of now, the total global crypto market cap stands at $3.41 trillion, leaving plenty of room for growth in the years to come. EGRAG suggests that the market cap could reach as high as $5.42 trillion (Fib. 1.414) or even $7.25 trillion (Fib. 1.618), with XRP poised to capture a significant share of this expansion.
EGRAG’s analysis presents various scenarios for XRP’s future price based on different levels of market cap dominance. If the total crypto market cap rises to $5.42 trillion, and XRP achieves an 11.44% market dominance, its market cap would reach approximately $619.61 billion, pushing the price of XRP to around $10.8. A further expansion of the market to $7.25 trillion, coupled with the same dominance, could see XRP’s valuation increase to $828.8 billion, resulting in a price of $14.5.
In a more optimistic scenario, if XRP captures 15.22% market dominance, its market cap could hit $824.68 billion at a $5.42 trillion total market cap, raising its price to $14.4. Should the crypto market cap expand to $7.25 trillion, XRP’s market cap would surge to $1.1 trillion, with a price of $19.2.
The most ambitious prediction involves XRP achieving 21.5% dominance in the crypto market. Under this scenario, a market cap of $5.42 trillion would place XRP’s valuation at $1.16 trillion, with a price tag of $20.26. However, if the market cap increases to $7.25 trillion, XRP could see its market cap soar to $1.56 trillion, with a price of $27.2.
This level of market dominance would surpass XRP’s previous all-time high dominance, which peaked at 31.33% during the 2017-2018 bull market. EGRAG believes that XRP’s smaller market cap compared to major players like Bitcoin and Ethereum gives it greater potential for rapid growth, especially in a bull market. In such conditions, XRP could experience more significant price multipliers than its larger counterparts.
The analyst also notes that the Visible Range Volume Profile (VRVP) indicates minimal resistance for XRP above the 4.30% market dominance level. This could make it easier for XRP to break past previous resistance levels, reclaiming its all-time high and potentially setting new records.
At the time of writing, XRP is trading at $2.24, and its market dominance stands at 3.93%. However, with growing optimism surrounding the cryptocurrency market, particularly as altcoins gain momentum, XRP could be on the verge of a major breakout. Investors are closely watching XRP’s price action and market cap to see if it can follow through with the bullish predictions outlined by EGRAG Crypto.
If these predictions come to fruition, XRP could become a key player in the next crypto market rally, offering substantial returns for early investors. However, as with any cryptocurrency, the market is volatile, and investors must remain cautious and informed when making investment decisions.
