Yesterday, the value of XRP increased by 3.47%. However, despite this increase, it didn’t manage to rebound from its recent downward trend over the past week. Like many other cryptocurrencies, XRP seems to be moving within a limited range as debates continue about the sustainability of the current crypto market rally.
Moreover, market experts on XRP maintain optimistic views, as ongoing forecasts support a potential price increase that could place the asset in the double digits.
How XRP Can Swing Based On XRP/BTC Chart – Analyst
On January 10th, well-known XRP analyst Egrag Crypto emphasized several optimistic possibilities for the altcoin, suggesting it could rise if its relationship with Bitcoin is considered positively.
In May 2024, Egrag Crypto observed that while XRP and Bitcoin have unique charts and trends, they’re interconnected like the Atlantic and Pacific Oceans, each maintaining its own identity but influencing one another significantly.
From the observed interactions in the XRP/BTC chart, it appears that the outlook for XRP is extremely optimistic. Yet, if we assume a benchmark value of $120,000 for Bitcoin, there could be three potential upward trajectories for XRP, considering its historical price behavior.
According to historical data from 2017’s moderate scenario A, Egrag Crypto predicts that XRP could surge by an impressive 1,264%. If this happens, the XRP/BTC ratio might approximate around 0.000107. This forecast implies a potential XRP price of about $12.00 in such a situation.
Based on the historical data from 2017, Egrag suggests an optimistic outlook (bullish scenario B) indicating that the price of XRP could potentially surge by as much as 3,600%. This would result in an estimated XRP/BTC ratio around 0.000247 and a market value of approximately $29 for each XRP unit.
In the less risky situation C, modeled using XRP’s 2021 performance, we see a “modest” increase of 500%, which equates to a ratio of 0.000041. This would potentially set the price of XRP at around $5.
Crypto Expert’s Prediction Points To $27 Target
According to Egrag’s analysis combining various scenarios, he predicts that the relationship between XRP and BTC will initially increase, with the XRP/BTC ratio potentially reaching anywhere from 0.00007 to 0.00010. This forecast suggests that the price of XRP could range from $8.5 to $12. Subsequently, Egrag anticipates a correction in the market before the ratio surges towards approximately 0.00014. At this level, XRP’s trading price might fluctuate between $17 and $27.
As an analyst, I’m reporting on the current state of XRP at this moment. It’s trading at approximately $2.34, marking a 2.78% increase from earlier declarations. However, it’s important to note that the daily trading volume has seen a decrease of 15.20%, currently standing at around $5.35 billion.
Looking at its performance on larger timeframes, there seems to be some turbulence in the recent weeks. This is evident in the losses of 4.65% and 3.69% over the past seven and thirty days respectively. Despite these short-term fluctuations, XRP continues to hold a significant position in the crypto market, with a market capitalization of $134.74 billion, making it the fourth largest digital asset.
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2025-01-11 23:10