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Crypto analyst Egrag Crypto has made a bold prediction that the price of XRP will surpass that of Bitcoin and Ethereum. Egrag has provided a detailed analysis indicating that XRP has a significantly higher multiplier compared to BTC and ETH.
XRP Expected to Surpass Bitcoin and Ethereum Prices
In a recent X post, Egrag Crypto projected that XRP’s price would outpace that of Bitcoin and Ethereum, estimating that XRP’s market cap could rise between $619.61 billion and $1.56 trillion. Given XRP’s market dominance and potential, the analyst asserts that it possesses a considerably higher multiplier than the two largest cryptocurrencies by market cap.
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Egrag Crypto elaborated further on why an explosive rise in XRP’s market dominance is imminent. He noted that XRP’s dominance currently stands at 3.93% above the Fibonacci 0.382 level, and if it manages to close above the Fibonacci 0.5 level (5.57%), XRP could see its dominance soar into double digits.
Egrag Crypto pointed out that the XRP price’s VRVP indicates a gap above 4.30%, suggesting less resistance and a smoother path towards reaching a new all-time high (ATH) and beyond. The analyst emphasized that the “Kaboom green zone” begins at Fibonacci 0.50, indicating a significant movement ahead for XRP.
Furthermore, Egrag noted that XRP’s lower market cap presents higher potential for growth. This implies that XRP could experience accelerated dominance growth as it rises with the overall altcoin market and captures a larger share of the market. He highlighted three critical levels to monitor for XRP’s dominance.
These levels include Fibonacci 0.0702, where XRP’s dominance would reach 11.44%, as well as Fibonacci levels 0.786 and 0.888, which would elevate dominance to 15.22% and 21.5%, respectively. Simultaneously, the analyst forecasts that the total cryptocurrency market cap could reach anywhere from $5.42 trillion to $7.25 trillion if it reaches Fibonacci levels 1.414 and 1.618, suggesting that XRP’s market cap could then be $1.16 trillion to $1.56 trillion if it attains 21.5% dominance.
Short-Term Target: A Rally Towards ATH
After experiencing a year-to-date gain of over 200%, XRP’s short-term goal is a rally towards its current ATH of $3.80. Analyst Javon Marks has suggested that XRP may soon achieve this target and even reach a new ATH of $4.8.
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He noted that the XRP price recently hit the target of $2.47 and briefly exceeded it before retreating back below this resistance level. However, this movement exhibited a bullish signal on a lower time frame, suggesting that a breakout above this resistance may soon occur, which Marks anticipates will set the stage for a rally to $4.8.
At the time of writing, XRP is trading at around $2.19, having decreased by over 4% in the last 24 hours, according to CoinMarketCap.
Featured image created with Dall.E; chart sourced from Tradingview.com.
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