Recent market analysis by EGRAG CRYPTO (@egragcrypto), a prominent crypto analyst, indicates XRP’s substantial growth potential. His chart projects XRP’s price to double-digit territory if the asset can achieve significant market dominance.
XRP has demonstrated remarkable momentum, recently breaching the $1 threshold for the first time since 2021. This surge has helped XRP regain the sixth position in the market, with its valuation exceeding $60 billion. The token’s market dominance has experienced significant growth, rising from a modest 1.05% in June to above 2%.
A Potential Surge in XRP Dominance
EGRAG CRYPTO’s analysis combines historical data with Fibonacci analysis to forecast potential dominance scenarios. The research emphasizes critical market cycles, particularly focusing on patterns observed during the 2017 and 2021 periods. These historical reference points have revealed significant technical confluences that could indicate future price trajectories.
A crucial confluence zone has emerged at the 5.9%-6% dominance range, where two significant Fibonacci levels converge. This zone represents the intersection of the 2021 cycle’s Fibonacci 1.0 level and the 2017 cycle’s Fibonacci 0.5 level, establishing a notable resistance area.
The analyst suggests that surpassing this threshold could boost its market dominance. Notably, another prominent analyst has pointed to an impending surge in XRP dominance as Bitcoin dominance falls, and he believes the digital asset can hit a new all-time high.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Targets for XRP
EGRAG CRYPTO’s chart shows that the digital asset is concluding an extended consolidation phase and leaving the shake-out phase. The immediate resistance is at the 2.5% dominance level, and the analysis suggests the next significant challenge lies at 5.92% dominance, corresponding to the Fibonacci 0.5 level.
A successful breach of this resistance could potentially drive XRP’s market dominance toward higher Fibonacci levels, including 11.61% (Fibonacci 0.702) and potentially reaching 16.65% (Fibonacci 1.618).
These projections gain additional significance when considered alongside Ripple CEO Brad Garlinghouse’s market outlook. Garlinghouse has predicted that the global cryptocurrency market capitalization can reach $5 trillion by the end of the year.
The market has already demonstrated progress toward this target, currently at $3.12 trillion after the recent resurgence. Based on these market scenarios, EGRAG’s analysis suggests that if XRP secures 10% of a $5 trillion market, its value could rise to $8.77. More optimistically, achieving 20% market dominance could propel the price to $17.54.
At the time of press, XRP is trading at $1.12, with a 0.85% price increase in the past 24 hours. With the momentum it recently exhibited, many experts are convinced it can reach optimistic targets like these.
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.
Follow us on Twitter, Facebook, Telegram, and Google News
