Is XRP Your Next Big Investment? Analyst Makes Bullish Case for $3 Trillion Market Cap


A
recent
analysis
from
EGRAG
CRYPTO
has
captured
the
attention
of
the
crypto
community
with
an
ambitious
prediction.
The
analyst
suggests
that
XRP’s
market
cap
could
potentially
reach
an
astounding
$3
trillion,
a
development
that
would
elevate
the
token
into
the
top
tier
of
digital
assets
and
significantly
impact
the
entire
crypto
landscape.


The
‘White
Channel’
Benchmark

EGRAG
CRYPTO
bases
their
prediction
on
a
confluence
of
technical
indicators.
They
point
to
a
strategic
benchmark
dubbed
“The
White
Channel”
on
the
XRP
chart,
suggesting
a
potential
price
surge
if
the
token
breaches
its
upper
limits.
Even
reaching
the
top
of
this
channel
would
translate
to
a
market
cap
of
nearly
$290
billion,
a
significant
jump
from
its
current
position.

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Near-Term
Price
Uptrend

Further
fueling
the
bullish
fire,
EGRAG
CRYPTO
identifies
a
“White
Triangle”
breakout
pattern,
historically
a
reliable
indicator
of
price
movement.
This
pattern
suggests
a
near-term
price
swing
between
$1.20
and
$1.50,
with
a
crucial
breakout
point
expected
within
the
next
few
weeks.

However,
amidst
the
excitement
surrounding
the
White
Channel’s
projections,
there’s
a
notable
level
of
skepticism.
Achieving
a
$3
trillion
market
cap
would
demand
XRP
to
surpass
giants
like
Ethereum
and
potentially
challenge
Bitcoin’s
dominance.

While
this
feat
isn’t
impossible,
it
does
seem
highly
improbable
in
the
near
term.
This
skepticism
acts
as
a
counterbalance
to
the
optimism,
reminding
investors
of
the
significant
challenges
and
competitive
landscape
XRP
would
need
to
navigate
to
realize
such
exceptional
growth.

XRP
is
currently
trading
at
$0.51.
Chart:

TradingView


XRP
Price
Forecast

Meanwhile,
the
most
recent
estimate
for
the
price
of
XRP
is
that
by
June
29,
2024,
the
altcoin’s
price
will
have

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increased
by
21%
to
$ 0.62.
Technical
indications
suggest that
the
current
mood
is
bearish,
and
the
Fear
&
Greed
Index
is
currently
reading
73
(Greed).

 XRP price action in the last 30 days. Source: Coingecko

Related
Reading:

Bitcoin
Goes
Institutional:
Spot
ETFs
Breach
1
Million
BTC
Threshold

Over
the
past
year,
the
cryptocurrency
has
exhibited
modest
growth,
with
its
price
increasing
by
just
a
mere
2%.
However,
recent
trading
activity
shows
a
positive
trend,
with
15
green
days
out
of
the
last
30,
indicating
a
50%
rate
of
daily
price
increases.

This
pattern
suggests
a
stable
upward
momentum
in
the
short
term.
Additionally,
the
asset’s
high
liquidity,
as
evidenced
by
its
market
cap,
enhances
its
appeal
to
investors
by
facilitating
smoother
transactions
and
reducing
volatility.
Overall,
these
factors
point
to
a
robust
performance
and
a
favorable
outlook
for
sustained
growth.


Featured
image
from
Shutterstock,
chart
from
TradingView

Go to Source
Author: Christian Encila


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