thecryptobasic.com
XRP market cap could be on the verge of a major breakthrough, which would see it outperform market leaders Bitcoin and Ethereum.
This is according to market analyst EGRAG Crypto. Notably, in his latest analysis, he presents predictions suggesting XRP market cap dominance could push the token’s valuation up to $1.56 trillion, corresponding with a price of $27.2.
The analysis revealed that XRP market cap dominance, currently at 3.93%, is likely to surge. EGRAG noted that XRP has surpassed the Fibonacci 0.382 level and is moving toward Fibonacci 0.5 at 5.57%. If it breaks this level, the path to double-digit dominance could unfold.
Meanwhile, recall that Ripple CEO Brad Garlinghouse previously projected a $5 trillion total crypto market cap. While he anticipated this milestone by the end of 2024, recent market corrections have delayed this timeline.
The current total crypto market cap stands at $3.41 trillion, leaving ample room for growth. EGRAG believes this figure could rally to a peak of $5.42 trillion (Fib. 1.414) or even up to $7.25 trillion (Fib. 1.618), with XRP taking up a large chunk of it.
XRP Market Cap Dominance Scenarios
He then presented several XRP market cap dominance levels and corresponding valuation scenarios for the altcoin. These levels could push XRP’s price to a range of $10.8 to $27.2.
If the total crypto market cap reaches $5.42 trillion and XRP boasts an 11.44% market dominance, XRP could command a valuation of $619.61 billion. This would translate to a price of $10.8.
However, should the global crypto market cap expand further to $7.25 trillion, XRP’s valuation at the 11.44% dominance level would rise to $828.80 billion, pushing its price to $14.5.
Meanwhile, a higher dominance level of 15.22% would elevate XRP market cap to $824.68 billion if the total crypto market cap sits at $5.42 trillion. This would bring the token’s price to $14.4. If the crypto market cap grows to $7.25 trillion, XRP’s valuation could reach $1.10 trillion, with a corresponding price of $19.2.
Nonetheless, the most ambitious scenario involves XRP achieving 21.5% dominance. Under this condition, a $5.42 trillion total crypto market cap would result in an XRP market cap of $1.16 trillion, pricing the token at $20.26.
However, if the global crypto market cap hits $7.25 trillion, XRP market cap could climb to $1.56 trillion with the 21.5% market dominance, equating to a price of $27.2. Interestingly, EGRAG has persistently predicted that XRP has the potential to reach the $27 level.
Reasons Behind Bullish XRP Outlook
Notably, the ultimate prediction of a 21.5% market dominance still falls below XRP’s all-time peak dominance. During the 2017/2018 bull cycle, XRP’s dominance skyrocketed from 1.44% in January 2017 to a top of 31.33% by May 2017.
EGRAG noted several reasons why he expects a similar upsurge. For one, a smaller market cap allows XRP to grow more rapidly than BTC and ETH, making it a prime candidate for higher multipliers during a bull market.
Also, the analyst stressed that the Visible Range Volume Profile (VRVP) shows a gap above 4.30%, indicating minimal resistance and a smoother path for XRP to reclaim its all-time high and beyond. With its 3.93% dominance, XRP currently trades for $2.24.