If XRP’s market cap surpasses $1.7 trillion as predicted by crypto market analyst EGRAG, there is a possibility for the XRP price to soar above $30. The ongoing market turbulence has negatively impacted XRP’s price, resulting in a decrease in its market capitalization. In recent months, XRP has experienced a decline of $5.789 billion, with its market cap dropping by 18% from $32.041 billion in March to the current figure of $26.252 billion.
XRP had previously reached a yearly peak of $40.746 billion in March but has since lost nearly $14.5 billion due to the widespread market downturn, causing its price to fall below the crucial $0.50 level.
Analyst EGRAG has highlighted a symmetrical triangle formation on an inverted monthly chart amidst the ongoing market volatility. The analyst’s analysis suggests that XRP’s market cap is approaching a potential new all-time high of $1.7 trillion. Comparatively, Bitcoin, the leading cryptocurrency by market valuation, currently holds a market cap of $1.198 billion with a price of $60,783. EGRAG’s forecast indicates that XRP could surpass Bitcoin’s market cap, leading to unprecedented price levels.
If XRP were to reach this projected market cap of $1.7 trillion, it would exceed its previous all-time high market cap of $128.49 billion in January 2018 when its price soared above $3. With a circulating supply of 55.6 billion tokens, XRP’s price could potentially reach $30.5.
Although achieving a $30 price target may seem ambitious given XRP’s recent struggles below $0.50, various market observers have identified it as a feasible objective. Previous projections by EGRAG suggested that XRP’s price could mimic the historical growth of Ethereum (ETH) by 58 times, indicating a potential target of $30.2. Additionally, an analysis by popular crypto YouTuber and analyst DustyBC highlighted a symmetrical triangle on the XRP monthly chart, proposing a substantial price increase to $30.75.
In a recent analysis, EGRAG indicated that XRP’s market cap dominance is poised to retest the upper trendline of an ascending channel on the inverted chart. This retest, potentially reaching Fibonacci level 0 at 1.11%, could elevate XRP’s market dominance from the current 1.19% to 31.54%.
An increase in XRP’s market dominance signifies a rise in its market cap compared to the global crypto market cap. For example, a market dominance of 31.54% at the current global market cap of $2.26 trillion would translate to a valuation of $700.6 billion. At the current market dominance of 1.19%, XRP is currently priced at $0.4706.
Please note that this content is for informational purposes only and should not be construed as financial advice. The opinions expressed herein are solely those of the author and do not represent the views of The Crypto Basic. It is advisable for readers to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.