- Market cap of XRP predicted to soar to $997 billion.
- Analyst EGRAG sees a possible price surge of XRP to $18, drawing parallels from historical data.
The Future of XRP: A Rally to the Moon?
Renowned technical analyst EGRAG has made a bold prediction that positions XRP on the verge of a financial renaissance. According to the chartist’s projections, the digital asset’s market cap could catapult to a staggering $997 billion, a figure that translates to a potential price peak of $18 per XRP token.
A Trip Down Memory Lane
The roots of this optimistic forecast are anchored in a comprehensive analysis of XRP’s historical performance. EGRAG draws our attention to the past, when XRP‘s market valuation surged to an impressive $128 billion in 2017. The asset’s price catapulted from $0.0030 to a monumental high of $3.3170 within a year, witnessing a market cap growth of over 140,140%.
EGRAG’s insights suggest we’re on the brink of another monumental rally. By dissecting the pattern from the January 2017-January 2018 surge, EGRAG implies that XRP could emulate 7% of its past acceleration. If history repeats itself, even partially, we’re looking at a 7,070% increase from the June 2021 market cap low of $13.87 billion.
The Mechanics of a Market Surge
But how does this translate to the predicted price point? With XRP‘s current circulating supply locked at 53.5 billion tokens, an increase in market cap to $997 billion would peg the price at an astonishing $18.6 per XRP.
The ambitious nature of this projection isn’t lost on market enthusiasts, especially when juxtaposed with Bitcoin’s current market cap of $717 billion. Ethereum and Tether, holding the fort at $231.4 billion and $86.2 billion respectively, also pale in comparison to the proposed market cap of XRP.
The Present Landscape
As of the latest market checks, XRP stands resilient at a market cap of $37.2 billion, trading at $0.6933. Despite a 16.97% dip, it boasts a 24-hour trade volume of $1.8 billion, with a 14.7% rise over the past week.
The digital asset’s journey to potentially reclaim the $0.70 resistance level is under the microscope of investors and enthusiasts alike. With the world of cryptocurrency known for its volatility and surprise twists, the community is watching with bated breath to see if EGRAG’s predictions will unfold into reality.
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