A leading market analyst, EGRAG, has shared new projections for XRP’s price trajectory, supported by his detailed Bifrost Bridge analysis. The cryptocurrency has recently experienced remarkable growth, setting the stage for a bullish outlook.
In November 2024, the token surged by 283%, its most significant monthly increase in seven years. The positive momentum has continued into December, with a 26.4% gain recorded in the first 12 days. Drawing comparisons to XRP’s performance in 2017, EGRAG suggests the current market behavior could lead to milestones at $6 and $27.
$6 and $27 XRP Price Targets Explained
EGRAG’s predictions are based on Fibonacci retracement levels and historical price patterns. He highlighted parallels between XRP’s 2017 cycle and its ongoing rally.
In March 2017, it gained 150% from a critical support level, which the analyst named the Purple Foundation. This initial move was followed by an extraordinary 1,330% rally two months later in May 2017.
EGRAG believes the cryptocurrency is poised to replicate a similar trajectory. His analysis points to an immediate target zone between $4.3 and $6.4, corresponding to Fibonacci retracement levels of 1.414 and 1.618. He anticipates this could be achieved by the end of December 2024.
Looking ahead to January 2025, EGRAG predicts a larger surge, potentially mirroring the 1,330% rally observed in 2017. This would place the asset in a secondary gold region, which spans prices between $13.7 and $27.3, aligning with another significant retracement zone.
Addressing XRP Market Cap Concerns
Skepticism surrounding these ambitious price targets often revolves around XRP’s market cap and liquidity requirements. EGRAG addressed these concerns by comparing the cryptocurrency market’s total valuation in 2017 and 2024.
In May 2017, the total cryptocurrency market cap (TMC) was $60 billion. By December 2024, this figure had grown to $3.7 trillion, representing a 61-fold increase. Applying this multiplier to XRP’s 2017 market cap of $15 billion would result in a potential valuation of $900 billion for XRP.
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For XRP to achieve this, it would need to command a market share of 9% to 18%, depending on whether the TMC grows to $5 trillion or $10 trillion.
According to EGRAG, such dominance is feasible given the asset’s established use cases, particularly in cross-border payments and financial settlements. Ripple CEO Brad Garlinghouse has previously projected the TMC could reach $5 trillion in the near future.
Currently, the token is priced at $2.34, with a market cap of $133 billion and a dominance of 3.59%. If it regains its 2017 peak dominance of 31%, its market cap could exceed $1 trillion. These projections underscore the potential for significant growth, provided the token maintains its current momentum and market relevance.
EGRAG’s analysis draws attention to XRP’s strong performance and potential to achieve substantial gains in the coming months. By leveraging historical patterns and technical indicators, the analyst has outlined a roadmap for the token to reach $6 and potentially $27.
While challenges remain, the token’s role in global payments and the expanding cryptocurrency market make these targets worth monitoring.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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