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.