Cryptocurrency

Analyst Shares Updated XRP ‘Bent Fork’ Target to $17 With Dominance Signal

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 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.”

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.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Recent Posts

3 ‘No Brainer’ Altcoins to Buy in November 2024 as Bitcoin and Ethereum Rise

The cryptocurrency market is exhibiting a strong bullish tendency, with Bitcoin (BTC) and Ethereum (ETH)…

3 hours ago

XRP Price Looks Bleak, Investors Move Into Ripple Alternative Under $0.1 Set To Explode To $5 In Next 2 Months

As the XRP price falters, investors are beginning to find other options. Recent shifts in…

6 hours ago

Which Are The Best Cryptos To Buy Now In November 2024? Top 5 Picks for January 2025

With cryptocurrency adoption on the rise, digital assets are becoming integral to global finance. For…

7 hours ago

$100 In FX Guys ($FXG) Presale Could Change Your Life – Analysts Say It’s On Track To Outpace Ethena And NEIRO By 2025

Crypto market analysts have made bold assertions about the potential of FX Guys ($FXG) to…

10 hours ago

Meme Coin Mania Continues: Analysts Predict These Newcomers Could Deliver 15,000% Returns by Year-End

The surge of interest in meme coins continues unabated as new digital assets promise phenomenal…

10 hours ago

XRP Price Faces Resistance: This RWA Altcoin Could Steal the Spotlight with a 20,000x Surge

XRP price has hit resistance after a recent rally, with several crypto enthusiasts attributing this…

11 hours ago