EGRAG CRYPTO (@egragcry), a prominent crypto analyst, recently published a post on X that analyzed the potential future market cap of XRP.
In the post, EGRAG CRYPTO references “The White Channel,” an ascending channel following XRP’s market cap, and suggesting a steady climb to an astonishing target of $3 trillion.
Read Also: Analyst Projects 7,000% XRP Rally To $139 if it can Breach This Key Resistance
The channel is formed by two parallel trendlines, one drawn above the highs and the other below the lows of a price series. Since XRP fell from its all-time high of $3.84 in 2018, its market cap has remained within this channel. It almost broke out in 2021, but met resistance at the upper trendline and fell again.
XRP is trading at $0.5265, with a market cap of $29.18 billion. The analyst identifies the midpoint of the channel at $100 billion and the high end at $287 billion. Both are significant increases from XRP’s current market cap.
However, EGRAG CRYPTO suggests that if the price of XRP breaks out of the upper trendline of the White Channel, it could lead to a significant increase in price, potentially reaching a $3 trillion market cap in the long run. EGRAG CRYPTO recently predicted a mega run for XRP, but this target exceeds his previous analysis.
XRP is a digital asset that functions as a medium of exchange. It powers Ripple’s core technology for providing a global payment network. XRP is designed to facilitate international transactions between banks and other financial institutions and can be used to settle payments between different currencies quickly and efficiently.
Read Also: XRP Price Analysis: Key Resistance Levels On XRP Path To $5
The market cap of a cryptocurrency is the total market value of all its outstanding coins. It is calculated by multiplying the price of the cryptocurrency by the number of coins in circulation.
CoinMarketCap shows a circulating supply of 55,430,475,754 XRP, and a market cap of $3 trillion will translate to an asset price of $54.12, 10,179.2% higher than its current price, and close to the $50 target set by another analyst recently.
XRP’s success depends on multiple factors, like adoption, and potentially becoming the global reserve currency. Although the crypto market has been around for a few years, it is very young with plenty of room to grow, and XRP has enough time to achieve this astounding target.
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