A leading crypto analyst, EGRAG, disclosed timelines for the XRP to set new heights above the $5 target and likely double-digit price at $27.
The XRP has emerged as a winner in the recent bull cycle, with widely followed market analysts optimistic the sky is the limit for this altcoin. EGRAG leverages pointers captured in his Bifrost Bridge analysis to present how long will the XRP holders wait till the crypto asset claims new heights.
The analysis by EGRAG emerges after the XRP’s latest performance that saw the crypto asset surge 280% from $0.51309 to $1.90 in November per CoinGecko data. The uptrend marks the best monthly performance for the fourth-largest crypto by market value in seven years.
Scrutiny into the chart shows that XRP still has bullish steam in its tank, with the asset continuing the uptrend momentum in December. Notably, the XRP gained an additional 25% a fortnight into December.
Crypto analyst EGRAG compares the recent rally with the trajectory XRP experienced during the 2017 cycle. He indicates that the prevailing price behaviour is reminiscent of patterns that preceded XRP’s run to its peak of $3.31 at the onset of 2018.
The analyst utilizes his Bifrost Bridge analysis to predict two potential targets for XRP: $6 and $27. In particular, he aligns the targets with the Fibonacci retracement levels and historical price actions.
XRP Path to $6 and $27 Price Target
In a recent analysis, EGRAG demonstrates the early 2017 moves by XRP. The altcoin surged 150% from the critical support zone identified by analysts as the ‘purple foundation’.
The rally set the momentum for an extraordinary 1,330% leap in May that year. EGRAG believes the current cycle could mirror this trajectory. As such, the analyst opines that if the XRP would replicate the same percentage gains, the altcoin could attain new heights.
EGRAG reflects on the December monthly candle in the belief that XRP eyes the ‘gold region’ within the $4.3 – $6.4 range. Further chart scrutiny shows the initial targets align with the 1.414 and 1.618 Fibonacci retracement levels.
EGRAG adds that XRP is poised for a massive 1,330% uptrend that could thrust XRP within the second gold region by January 2025. He anticipates that the region is positioned within $13.7 and $27.3, which aligns with another retracement zone.
EGRAG Downplays Skepticisms Against Market Cap
The analyst weighed into the scepticism that emerged lately as some doubt if XRP can garner enough momentum to such targets. The critics centre their scepticism on larger market value and rising liquidity in the contemporary crypto markets.
EGRAG downplays such an argument by comparing the 2017 and 2024 market caps. Back in May 2017, the digital assets had a $60 billion market value. Today, the figure has ballooned to 61X to $3.7 trillion.
The analyst argues that applying the 6000% multiplier to the XRP market value of $15B would yield a hypothetical $900B. Contextualizing the figures would lift the XRP to 9% – 18% share of the total market cap if it appreciates to $5 trillion or $10 trillion.
Given the increasing use cases within cross-border payments, the analyst considers the XRP capacity to attain such dominance feasible. Previously, Ripple Labs chief Brad Garlinghouse projected the total market cap could rise to $5 trillion.
The daily chart shows that XRP has changed hands at $2.41, translating to a market cap of $138 billion and approximately 3.96 dominance. Reclaiming the 2017 market dominance of 31% would yield closer to a $1 trillion market cap for the XRP.
The fractal pattern witnessed in 2017 appears to repeat in 2024 and is evident in the 283% surge in November. While XRP seems to face bearish pressure this month, it demonstrates superior resilience compared to the initial week of April 2017.
