A leading crypto analyst, EGRAG, has disclosed the timetable for XRP to set new highs above the $5 target and likely a double-digit price tag at $27.
XRP has emerged as the winner of the recent bull cycle, with widely followed market analysts optimistic that the sky is the limit for this altcoin. EGRAG relies on the indicators captured in its Bifrost Bridge analysis to show how long XRP holders will wait until the crypto asset hits new highs.
THE analysis by EGRAG emerges after XRP’s latest performance which saw the crypto asset rise 280% from $0.51309 to $1.90 in November according to CoinGecko data. The uptrend marks the best monthly performance for the fourth-largest crypto by market value in seven years.
Examining the chart shows that XRP still has bullish momentum in its tank, with the asset continuing its bullish momentum in December. Notably, XRP gained another 25% in the last fortnight of December.
Crypto analyst EGRAG compares the recent rally with the trajectory that
The analyst uses his Bifrost Bridge analysis to predict two potential targets for XRP: $6 and $27. In particular, it aligns targets with Fibonacci retracement levels and historical price developments.
XRP Path to $6 and $27 Price Target
In a recent analysis, EGRAG demonstrates XRP movements in early 2017. The altcoin surged 150% from the critical support zone identified by analysts as the “purple foundation”.
The rally provided the momentum for an extraordinary 1,330% jump in May of that year. EGRAG believes that the current cycle could reflect this trajectory. As such, the analyst believes that if XRP replicates the same percentage gains, the altcoin could reach new highs.
EGRAG reflects on the December monthly candle with XRP eyeing the “gold region” in the $4.3-$6.4 range. A closer look at the charts shows that 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 propel which aligns with another retracement zone.
EGRAG downplays skepticism about market capitalization
The analyst took into account the skepticism that emerged recently, as there were doubts about whether XRP could generate enough momentum to achieve such goals. Critics focus their skepticism on the increase in market value and increased liquidity in contemporary crypto markets.
EGRAG downplays such an argument by comparing the market capitalizations of 2017 and 2024. As of May 2017, digital assets had a market value of $60 billion. Today, this figure has increased to 61 times, or $3.7 trillion.
The analyst claims that applying the 6,000% multiplier to XRP’s market value of $15 billion would yield a hypothetical $900 billion. Contextualizing the numbers would bring XRP to a 9-18% share of the total market cap if it appreciates to $5 trillion or $10 trillion.
Given the growing use cases in cross-border payments, the analyst sees XRP’s ability to achieve such dominance as feasible. Previously, Brad Garlinghouse, head of Ripple Labs, predicted that the total market capitalization could reach $5 trillion.
The daily chart shows that XRP changed hands at $2.41, which translates to a market cap of $138 billion and a dominance of around 3.96. Reclaiming 31% market dominance in 2017 would yield a market cap closer to $1 trillion for XRP.
The fractal pattern seen in 2017 appears to repeat itself in 2024 and is evident in the 283% rise recorded in November. Although XRP appears to be facing bearish pressure this month, it is showing greater resilience compared to the first week of April 2017.
