This Analyst Predicts a $3 Trillion Market Cap for Ripple, Here’s Why
EGRAG CRYPTO has captured the attention of long-time XRP investors again by stating that the market cap of XRP could potentially reach an astounding $3 trillion. This development would elevate the token to the top of cryptocurrencies and have a significant impact on the entire crypto market.
The ‘White Channel’ benchmark
EGRAG CRYPTO bases their prediction on a confluence of technical indicators. They point to a strategic benchmark called “The White Channel” on the XRP chart, suggesting that a potential price increase could occur if the token breaks through its upper limits. Even reaching the top of this channel would result in a market cap of almost $290 billion, a significant jump from its current position.
Short-term price increase
Further nourishes EGRAG CRYPTO the bullish sentiment by identifying a “White Triangle” breakout pattern, historically a reliable indicator of price movement. This pattern suggests a short-term price swing between $1.20 and $1.50, with a crucial breakpoint expected within the coming weeks.
Skepticism and reality
Along with the excitement surrounding the White Channel’s predictions, there is also a notable degree of skepticism. Indeed, achieving a market cap of $3 trillion would require XRP to surpass giants like Ethereum and potentially challenge Bitcoin’s dominance. While this is not completely impossible, it seems a very unlikely scenario.
XRP price forecast and future prospects
Currently, XRP is trading at $0.51. Recent estimates for the price of XRP suggest that by June 29, 2024, the altcoin’s price will increase by 21% to $0.62. Technical indications point to bearish sentiment at the moment, but the Fear & Greed Index currently reads 73 (Greed).
