Despite a prevailing downtrend in the cryptocurrency market, prominent analyst EGRAG CRYPTO (@egragcrypto) has revised his XRP price target. This revision is based on an update to his previously introduced “Bent Fork” analysis, which outlines potential price trajectories for XRP.
The analyst initially presented the Bent Fork analysis in June 2023 and has provided updates since then. This framework proposes four distinct price paths (A, B, C, and D) for XRP, each leading to a different target price.
Read Also: XRP Price Forecast: Unusual Bent Fork Pattern Signals Potential 2,842% Rally to $15
Path D, previously projected to reach $15, has been adjusted to $17 due to prevailing market realities. According to EGRAG CRYPTO, the curvature of the path has shifted slightly upwards, indicating a more optimistic outlook.
While XRP currently trades below key psychological levels, the analysis emphasizes the importance of the $1 barrier. Breaching this resistance point is seen as a crucial step towards further price appreciation. XRP surpassing its all-time high would, in EGRAG Crypto’s words, propel the digital asset onto the “Valhalla Highway,” causing significant growth.
#XRP : The Bent Fork ($17 & Historical Support) – UPDATE:
The first time I introduced the "The Bent Fork Chart" was In June 2023. check the post for better clarity: https://t.co/vPee6Klubt
🔄 Updated Bent Fork:
Targets have shifted slightly higher over time as the curvature… pic.twitter.com/BYsGWJ0xLf— EGRAG CRYPTO (@egragcrypto) April 20, 2024
XRP Dominance
Further bolstering EGRAG CRYPTO’s bullish sentiment is a recent development in the XRP Dominance chart. According to this chart, XRP recently retested a critical support level at 1.11%. Notably, similar retests in January 2017 and December 2020 preceded significant price rallies for the digital asset.
However, XRP’s market dominance has been steadily declining since August 2023. This ongoing decline culminated in the recent retest of the aforementioned support level. Interestingly, EGRAG CRYPTO predicts an explosive price action for XRP based on this chart. According to the analyst, “Potential targets begin at Fib levels 1.272, 1.414, and 1.618.”
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Top Analyst Spots XRP Rising Potential, Predicts 3,100% Rocket Surge. Here’s the Timeline
We can extend the XRP Dominance scenario further. Assuming a static global crypto market capitalization of $2.37 trillion, a 17.39% dominance for XRP would translate to a market cap of $412 billion. With a circulating supply of approximately 55 billion tokens, this market cap would equate to a price per XRP of over $7.
However, a prominent crypto CEO believes the crypto market can achieve a $200 trillion market cap, which could significantly increase XRP’s price. Capturing a small portion of this massive market could send XRP to unprecedented heights. While market conditions remain uncertain, these insights offer an optimistic perspective on XRP’s price trajectory, and the community is eager for the digital asset to deliver.
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