XRP Market Cap May Be About to Reach major breakthrough, which would allow it to surpass market leaders Bitcoin and Ethereum.
This is according to market analyst EGRAG Crypto. Notably, in his last analysisit presents predictions suggesting that XRP’s market cap dominance could drive the token’s valuation higher. up at $1.56 trillion, corresponding to a price of $27.2.
The analysis revealed that XRP’s market capitalization dominance, currently at 3.93%, is likely to increase. EGRAG noted that XRP has surpassed the 0.382 Fibonacci level and is heading towards the 0.5 Fibonacci at 5.57%. If he surpasses that level, the path to double-digit dominance could open up.
Meanwhile, remember that Ripple CEO Brad Garlinghouse previously projected a total market capitalization of $5 trillion. While he anticipated this milestone by the end of 2024, recent market corrections have delayed this timeline.
The current total crypto market cap stands at 3,410 billion dollars, which leaves ample room for growth. EGRAG estimates that this figure could reach a high of $5.42 trillion (1.414 Fib) or even as high as $7.25 trillion (1.618 Fib), with XRP taking up a large portion of it.
XRP Market Cap Dominance Scenarios
He then presented several levels of XRP market cap dominance and corresponding valuation scenarios for the altcoin. These levels could push the price of XRP to a range of $10.8 to $27.2.
If the total crypto market cap reaches $5.42 trillion and XRP holds a market dominance of 11.44%, XRP could reach a valuation of $619.61 billion. This would result in a price of $10.8.
However, if the global crypto market cap were to increase further at $7.25 trillion, XRP’s valuation at the 11.44% dominance level would increase to $828.80 billion, pushing its price to $14.5.
Meanwhile, a higher dominance level of 15.22% would raise XRP market capitalization to $824.68 billion if the total crypto market cap is $5.42 trillion. This would bring the price of the token to $14.4. If the crypto market cap reaches $7.25 trillion, the valuation of XRP could reach $1.1 trillion, with a corresponding price of $19.2.
Nonetheless, the most ambitious scenario involves XRP achieving 21.5% dominance. Under this condition, a total market capitalization of $5.42 trillion would result in a XRP market cap of $1.16 trillionat the token price of $20.26.
However, if the global crypto market cap reaches $7.25 trillion, the XRP market cap could surge to $1.56 trillion with a market dominance of 21.5%, which equates to a price of $27.2. Interestingly, EGRAG has consistently predicted that XRP would have the potential to reach the $27 level.
Reasons Behind XRP’s Bullish Outlook
Notably, the ultimate forecast of 21.5% market dominance remains below XRP’s historical dominance peak. During the 2017/2018 bull cycle, XRP dominance increased from 1.44% in January 2017 to a peak of 31.33% in May 2017.
EGRAG cited several reasons why it expects a similar resurgence. On the one hand, a smaller market cap allows XRP to grow faster than BTC and ETHmaking it an ideal candidate for higher multipliers during a bull market.
Furthermore, the analyst highlighted that the Visible Range Volume Profile (VRVP) shows a gap above 4.30%, indicating minimal resistance and a smoother path for XRP to return to its all-time high and beyond. With its 3.93% dominance, XRP is currently trading at $2.24.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
