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The price of XRP has moved above $1, entering a price zone last seen in 2021. Amidst the general crypto surge, the prominent altcoin is undergoing a remarkable price rally resulting in 104.59% surge over the last seven days. As it stands, XRP appears to be shooting for the stars with analysts now strongly bullish on how high the token can go. Related Reading XRP Price Will Escalate To $1.03 This Week If This Happens: Analyst 2 days ago XRP ‘Kaboom’ Confirmed – Here’s Price Path To $32
In an X post on November 16, market analyst EGRAG CRYPTO shared a positive prediction on XRP in regard to market cap following recent gains.
EGRAG Crypto noted that XRP’s market cap is closing above the Fibonacci level of 0.702 which corresponds to $51.35 billion, and has recently reached the Fibonacci level of 0.786, which represents $60.06 billion. Importantly, the coin is also breaking past an ascending trendline that stretches back to 2017, which all presents a super bullish signal that will initiate a series of significant price explosions. Source: EGRAG CRYPTO on X
According to the analyst, if the XRP monthly candle closes above the Fibonacci level of 0.786, it will confirm an ascent to the Fibonacci level of 1.618 at which the crypto will attain total market shares of $283.42 billion. In regards to price action, the current supply of 57 billion XRP indicates a potential price target of $4.96 if this market cap is achieved.
However, as earlier stated, XRP’s recent price rally has ignited a strong bullish signal that is to result in a cascade of price surges. Therefore, EGRAG Crypto has projected multiple Fibonacci level targets for XRP market cap, with the attainment of each one, a confirmation of the next.
Following a successful climb to the Fibonacci level of 1.618, future targets by EGRAG are levels 2.0, 2.272, and 2.618, at which XRP is expected to have market cap values of $577.86 billion, $959.66 billion, and $1.83 trillion. These market shares will correspond to prices of $10.13, $16.83, and $32.11, respectively. Related Reading Bitcoin NVT Golden Cross Signals ‘Local Bottom’ — What’s Next? 1 day ago XRP Market Cap Hits $65 Billion, Becomes 6th Largest Crypto
According to data from CoinMarketCap, XRP’s market cap is now valued at $65.24 billion, reflecting a 26.51% gain in the past day. Notably, the altcoin has also flipped DOGE to become the sixth-largest cryptocurrency amidst the recent price gain.
XRP began gaining aggressively on November 15, price increase after SEC Chair Gary Gensler hinted at a possible resignation which may spell some good news in the Commission’s ongoing case with Ripple. These gains have been further strengthened by a massive buying spree by the XRP whales who are eyeing larger future gains.
At the time of writing, XRP trades at $1.10. Meanwhile, the asset’s daily trading volume has increased by 104.46% and is valued at $23.13 billion. XRP trading at $1.11 on the daily chart | Source: XRPUSDT chart on Tradingview.com Featured image from CryptoRank, chart from Tradingview