EGRAG, a crypto-analyst, has predicted that XRP would reach new levels above $5 and likely be in the double digits at $27.
XRP, a popular altcoin that has been gaining popularity in recent months, is proving to be a strong performer. Analysts who are widely respected believe the sky’s the limit. EGRAG uses his Bifrost analysis and the XRP pointers to determine how much longer XRP owners will wait for the asset to reach new heights.
You can also find out more about the following: analysis EGRAG emerged as a result of XRP’s most recent performance, which saw the crypto currency surge 280% from $0.51309 up to $1.90 according to CoinGecko. This is the highest monthly performance in 7 years for the 4th largest crypto asset by market capitalization.
A closer look at the chart shows XRP is still on a bullish trend, and the asset continued its upward momentum into December. Notably, XRP has gained 25% more in a week into December.
EGRAG is a cryptocurrency analyst who compares recent price movements with those XRP had during its 2017 cycle. He says that the current pattern of price movement is reminiscent to that which preceded XRP’s rise up to $3.31, its all-time high at the start of 2018.
The analyst uses the Bifrost bridge analysis to forecast two potential targets: $6 and $25. The analyst aligns these targets to Fibonacci level retracement as well as historical price action.
Prices of XRP are expected to reach $6 and $27.
EGRAG has recently released an analysis that shows the early 2017 movements of XRP. The altcoin surged 150% from the critical support zone identified by analysts as the ‘purple foundation’.
This rally was the catalyst for a 1,330% jump in May of that same year. EGRAG thinks the current cycle may follow this path. The analyst believes that altcoins could reach new heights if XRP replicated the same gains.
EGRAG reflects on the December monthly candle in the belief that XRP eyes the ‘gold region’ within the $4.3 – $6.4 range. Chart analysis shows that initial targets coincide with Fibonacci’s 1.414 & 1.618 retracement levels.
EGRAG says that XRP will experience a huge 1,330% upward trend that may push XRP to the second region of gold by 2025. The region, he believes, is located between $13.7 to $27.3. This aligns with a second retracement range.
EGRAG Plays Down Skepticism Against Market Cap
Analysts have weighed in on the recent scepticism, as many doubt if XRP will be able to gain enough momentum for such goals. They base their concerns on the increasing market value in today’s crypto markets and increased liquidity.
EGRAG reduces this argument by comparing market capitalizations in 2017 and 2024. The digital assets’ market cap was $60 billion in May 2017. The figure is now 61X higher at $3.7 trillion.
Analysts claim that applying the multiplier of 6000% to the $15B XRP value would result in a hypothetical $900B. Contextualizing the figures would lift the XRP to 9% – 18% share of the total market cap if it appreciates to $5 trillion or $10 trillion.
The analyst believes that XRP can achieve such dominance due to the increase in cross-border payments. Brad Garlinghouse, Ripple’s CEO at the time, had predicted that total market capitalization could reach $5 trillion.
The chart for the day shows that at $2.41 XRP was traded, which equates to approximately $3.96 market dominance and a $138.9 billion valuation. The XRP would have a market cap of $1 trillion if it could recapture the market dominance from 2017.
It is clear that the pattern of 2017 has repeated itself in 2024. The 283% rise in November was a good example. While XRP is under pressure from the bears this month it has shown superior resistance compared to its first week in April 2017.
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Source: e-cryptonews.com
