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Cryptographic analyzer Perform encryption Boldly predict that the price of XRP will outperform Bitcoin and Ethereum. The analyst provided an in-depth analysis showing that XRP has a much higher multiple than BTC and ETH.
XRP price outperforms Bitcoin and Ethereum
in Share XEgrag Crypto predicts that the price of XRP will overtake Bitcoin and Ethereum as it envisions that the market cap of XRP could reach between $619.61 billion and $1.56 trillion. With the dominance and potential of XRP in the market, the cryptocurrency has confirmed that it has a much higher multiplier than the cryptocurrency. The two largest coins By market value.
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Egrag Crypto went further to explain why an impending rise in XRP price dominance is imminent. The cryptographer pointed this out XRP dominance It currently sits at 3.93% above the 0.382 Fibonacci level, and if the cryptocurrency closes above the 0.5 Fibonacci level (5.57%), XRP could see double-digit dominance in the future.
Egrag Crypto reported that the VRVP of XRP price is showing a vacuum above 4.30%, which means less resistance and a smoother path towards the trend. All time high (ATH) And beyond. The analyst noted that the “green kaboom zone” begins at the 0.50 Fibonacci level, indicating a significant move forward for the cryptocurrency.
Egrag Crypto added that the smaller market cap of the XRP price offers higher upside potential. This means that cryptocurrencies could enjoy a faster growth in dominance as they catch up with the rise of broader altcoins and capture the lion’s share. The cryptocurrency analyst highlighted three key levels to monitor XRP’s dominance.
This includes a Fibonacci of 0.0702, which puts XRP’s price dominance at 11.44%, and Fibonacci of 0.786 and 0.888, which puts the dominance at 15.22% and 21.5%, respectively. Meanwhile, a cryptocurrency analyst predicts that The total market capitalization of cryptocurrencies It could reach $5.42 trillion or $7.25 trillion if it reaches 1.414 Fib and 1.618 Fib respectively. This would put XRP’s market cap at $1.16 trillion, or $1.56 trillion if the cryptocurrency achieves 21.5% dominance.
A rise to ATH remains the short-term target
Having already enjoyed year-to-date gains of just over 200%, the short-term target for XRP price is to rise to its current ATH price of $3.80. Cryptographic analyzer Javon Marks He suggested that XRP may soon reach this target as he forecast a rise to a new ATH of $4.8.
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He noted that the price of XRP reached… Target $2.47 It broke above it briefly before falling to this resistance level again. However, since this is a low time frame bullish signal, a move above this resistance level could be imminent, which Marks predicted would pave the way for a rally to $4.8.
At the time of writing, the price of XRP is trading at around $2.19, down over 4% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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