As a seasoned researcher with over two decades of experience in the financial markets, I must admit that the current surge in XRP prices has piqued my interest. The last time we saw such high prices was in 2021, and it seems history might just be repeating itself. The bullish signals are undeniable – from breaking past the ascending trendline since 2017 to the recent surge above the Fibonacci level of 0.786.
The cost of XRP has climbed above $1, reaching a level not seen since 2021. In the broader context of cryptocurrency growth, this prominent altcoin is experiencing an impressive price surge, up by 104.59% over the past week. At present, XRP seems to be aiming for the sky, with analysts becoming increasingly optimistic about how high it could potentially rise.
XRP ‘Kaboom’ Confirmed – Here’s Price Path To $32
On November 16th, I, as an analyst with EGRAG CRYPTO, publicly expressed optimism regarding the potential growth of XRP’s market cap based on its recent performance.
EGRAG Crypto observed that XRP’s market value is surging above the Fibonacci threshold of approximately $51.35 billion (represented by the 0.702 level), and has also touched the Fibonacci level of 0.786, equivalent to around $60.06 billion. Notably, XRP is also bursting through an upward trendline that dates back to 2017, suggesting a highly optimistic outlook that could trigger a sequence of substantial price surges.
Based on the analyst’s prediction, if the monthly XRP candle ends above the Fibonacci level of 0.786, it would suggest an upward trend towards the Fibonacci level of 1.618. At this point, the value of XRP could reach a total market cap of approximately $283.42 billion. In terms of price action, given the current supply of around 57 billion XRP, a potential price target of about $4.96 might be expected if this market cap is realized.
Previously mentioned, the recent upward trend in XRP’s price has sparked a robust bullish indication that could lead to a series of price increases. Consequently, EGRAG Crypto has estimated various Fibonacci level targets for the XRP market cap. Each achieved target serves as confirmation for the next one.
Based on a successful ascent to the Fibonacci ratio of 1.618, Economic Growth and Research Advisory Group (EGRAG) anticipates potential future levels at 2.0, 2.272, and 2.618. These levels are projected to have XRP market capitalizations of $577.86 billion, $959.66 billion, and $1.83 trillion. This translates into estimated prices of approximately $10.13, $16.83, and $32.11 per XRP token respectively.
XRP Market Cap Hits $65 Billion, Becomes 6th Largest Crypto
Based on CoinMarketCap statistics, the current market value of XRP stands at approximately $65.24 billion, which represents a 26.51% increase in the last 24 hours. Noteworthy is that XRP has surpassed DOGE to take the sixth position among cryptocurrencies due to its recent price surge.
On November 15, XRP experienced a strong upward trend. This surge was likely influenced by speculation surrounding SEC Chair Gary Gensler’s potential resignation, which could potentially improve the Commission’s case with Ripple. Furthermore, substantial purchases by large XRP holders, known as whales, have added to this momentum, as they anticipate greater returns in the future.
Currently, the value of XRP stands at approximately $1.10 per unit. Simultaneously, its daily trading volume has experienced a significant surge of around 104.46%, amounting to a hefty $23.13 billion.
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2024-11-17 19:34