XRP Continues to Make Waves in the Crypto World
XRP has been dominating headlines not just for its impressive price surge, but for the history it is making in the cryptocurrency market. Over the past year, XRP has shown remarkable growth, outperforming even Bitcoin by a staggering 277%. The token reached an all-time high of $3.66 before slightly retracing to around $3.45.
Renowned crypto trader EGRAG CRYPTO has been closely watching XRP’s performance and believes that the real story lies in XRP’s increasing dominance in the market. According to EGRAG, XRP’s dominance chart has recently broken out of a bullish pennant pattern, a technical indicator that often signals significant upward movements. He predicts that this breakout could lead to gains ranging from 21% to 275%, marking one of the most substantial rallies XRP has ever experienced.
What sets this prediction apart is the use of the Visible Range Volume Profile (VRVP) indicator, which EGRAG points out shows a significant “void” zone above 5.75% dominance. If XRP manages to surpass and maintain this level, it could trigger what he refers to as the Kaboom phase, characterized by explosive growth in XRP’s dominance.
EGRAG also presented his XRP Fab chart, which illustrates XRP’s potential market cap based on Fibonacci levels in comparison to the overall crypto market capitalization. For instance, if the crypto market cap reaches $10 trillion, XRP’s market cap could potentially exceed $2 trillion at the 0.888 Fibonacci level. Even a more conservative estimate places XRP’s market cap between $800 billion and $1.5 trillion, unprecedented levels for the token.
Currently, XRP is trading around $3.44, following its peak at $3.66. The token continues to attract interest from both traders and institutional investors. The recent Golden Cross, where the 50-day Exponential Moving Average (EMA) crossed above the 100-day EMA, confirms the bullish momentum. Additionally, the MACD buy signal initiated on June 28 remains active, indicating a strong appetite for risk among investors.
If XRP manages to maintain its position above $3.50 and surpass the $3.66 mark, it could enter a phase of price discovery. EGRAG believes that with the increasing dominance of XRP and the accumulation by whales, there is a possibility of the token reaching $5 or even higher in the near future.
With all these factors in play, XRP is undoubtedly making a name for itself in the crypto world, setting the stage for potentially groundbreaking developments in the market.