XRP price could spike above the $30 threshold if the token’s market cap crosses $1.7 trillion as projected by crypto market analyst EGRAG.
The ongoing market turmoil has dealt a blow to XRP’s price, concurrently leading to a reduction in its market capitalization. Notably, XRP has lost $5.789 billion from its valuation since March, dropping 18% from $32.041 billion on March 1 to the current figure of $26.252 billion.
XRP’s market cap previously hit a yearly peak of $40.746 billion in March but has now shed off nearly $14.5 billion since this top. This is due to the prevalent market-wide collapse, which has triggered a drop in XRP price below the pivotal $0.50 territory.
XRP Price at the Projected $1.7T Market Cap
Amid the ongoing market uncertainty, analyst EGRAG identified a symmetrical triangle on an inverted monthly chart. In his latest analysis, the chartist emphasized that XRP’s market cap is on the verge of reaching a new all-time high at $1.7 trillion.
For context, Bitcoin (BTC), the largest crypto asset by valuation, currently boasts a market cap of $1.198 billion as it trades at $60,783. EGRAG’s projection suggests that XRP could surpass Bitcoin’s current market valuation, an event that would lead its price to unimaginable levels.
#XRP Market Cap To $1.7T – Yes $1.7T: pic.twitter.com/bVwhdwy0sG
— EGRAG CRYPTO (@egragcrypto) June 25, 2024
This predicted target would also surpass XRP’s all-time market cap peak of $128.49 billion in January 2018, attained when XRP reached an all-time high price above $3. At the current circulating supply of 55.6 billion tokens, the XRP price would surge to $30.5 at a valuation of $1.7 trillion.
While the $30 price might appear ambitious, given XRP’s ongoing struggles underneath $0.50, several market watchers have projected it as a possible target. For instance, EGRAG predicted last October that the XRP price could mirror Ethereum’s (ETH) 58x historical growth. This rate puts XRP at a target of $30.2.
Also, earlier this month, crypto YouTuber and prominent analyst DustyBC drew the attention of market participants to a symmetrical triangle on the XRP monthly chart. According to him, a massive candle to break out of the triangle could trigger a 4,000x XRP price rise to $30.75.
XRP Market Cap Dominance
Meanwhile, in a recent separate analysis, EGRAG emphasized that XRP’s market cap dominance is currently looking to retest the upper trendline of an ascending channel on the inverted chart. Such a retest, which would hit Fib. 0 at 1.11%, could propel XRP’s market dominance from the current 1.19% to 31.54%.
Notably, a rise in XRP’s market dominance is a direct result of an increase in XRP’s market cap relative to the global crypto market cap. For instance, a 31.54% market dominance at the current global market cap of $2.26 trillion would result in a valuation of $700.6 billion. At the current market dominance of 1.19%, XRP currently trades for $0.4706.
XRP price could spike above the $30 threshold if the token’s market cap crosses $1.7 trillion as projected by crypto market analyst EGRAG.
The ongoing market turmoil has dealt a blow to XRP’s price, concurrently leading to a reduction in its market capitalization. Notably, XRP has lost $5.789 billion from its valuation since March, dropping 18% from $32.041 billion on March 1 to the current figure of $26.252 billion.
XRP’s market cap previously hit a yearly peak of $40.746 billion in March but has now shed off nearly $14.5 billion since this top. This is due to the prevalent market-wide collapse, which has triggered a drop in XRP price below the pivotal $0.50 territory.
XRP Price at the Projected $1.7T Market Cap
Amid the ongoing market uncertainty, analyst EGRAG identified a symmetrical triangle on an inverted monthly chart. In his latest analysis, the chartist emphasized that XRP’s market cap is on the verge of reaching a new all-time high at $1.7 trillion.
For context, Bitcoin (BTC), the largest crypto asset by valuation, currently boasts a market cap of $1.198 billion as it trades at $60,783. EGRAG’s projection suggests that XRP could surpass Bitcoin’s current market valuation, an event that would lead its price to unimaginable levels.
#XRP Market Cap To $1.7T – Yes $1.7T: pic.twitter.com/bVwhdwy0sG
— EGRAG CRYPTO (@egragcrypto) June 25, 2024
This predicted target would also surpass XRP’s all-time market cap peak of $128.49 billion in January 2018, attained when XRP reached an all-time high price above $3. At the current circulating supply of 55.6 billion tokens, the XRP price would surge to $30.5 at a valuation of $1.7 trillion.
While the $30 price might appear ambitious, given XRP’s ongoing struggles underneath $0.50, several market watchers have projected it as a possible target. For instance, EGRAG predicted last October that the XRP price could mirror Ethereum’s (ETH) 58x historical growth. This rate puts XRP at a target of $30.2.
Also, earlier this month, crypto YouTuber and prominent analyst DustyBC drew the attention of market participants to a symmetrical triangle on the XRP monthly chart. According to him, a massive candle to break out of the triangle could trigger a 4,000x XRP price rise to $30.75.
XRP Market Cap Dominance
Meanwhile, in a recent separate analysis, EGRAG emphasized that XRP’s market cap dominance is currently looking to retest the upper trendline of an ascending channel on the inverted chart. Such a retest, which would hit Fib. 0 at 1.11%, could propel XRP’s market dominance from the current 1.19% to 31.54%.
Notably, a rise in XRP’s market dominance is a direct result of an increase in XRP’s market cap relative to the global crypto market cap. For instance, a 31.54% market dominance at the current global market cap of $2.26 trillion would result in a valuation of $700.6 billion. At the current market dominance of 1.19%, XRP currently trades for $0.4706.
