The price of XRP has surged above the $1 mark, entering a territory not seen since 2021. Amid a broader cryptocurrency rally, XRP has experienced a remarkable boost, with its value swelling by 104.59% over the past week. The bullish momentum surrounding this prominent altcoin has analysts optimistic about its future trajectory.
In a recent post on X dated November 16, market analyst EGRAG CRYPTO shared an optimistic forecast for XRP, underpinned by the token’s recent gains. EGRAG Crypto highlighted that XRP’s market cap has climbed above a critical Fibonacci level of 0.702, corresponding to $51.35 billion. It has also reached the Fibonacci level of 0.786, equating to $60.06 billion. Additionally, the digital coin is breaking past an ascending trendline dating back to 2017, signaling the potential for significant upward price movements.
According to EGRAG Crypto, if XRP’s monthly candle closes above the Fibonacci level of 0.786, it would set the stage for an ascent to the Fibonacci level of 1.618, at which point the cryptocurrency’s market cap could soar to $283.42 billion. Based on the current supply of 57 billion XRP, this market cap would translate to a potential price target of $4.96 per XRP.
The strong bullish signal, spurred by XRP’s recent price surge, is expected to trigger a series of further price increases. EGRAG Crypto has mapped out subsequent Fibonacci level targets for XRP’s market cap: achieving the 1.618 level would confirm the next targets of 2.0, 2.272, and 2.618. At these levels, XRP’s market cap values would be projected at $577.86 billion, $959.66 billion, and $1.83 trillion, respectively, with corresponding price points of $10.13, $16.83, and $32.11.
Currently, XRP’s market cap stands at $65.24 billion, positioning it as the sixth-largest cryptocurrency, having recently overtaken DOGE. XRP’s aggressive price gain began on November 15, subsequently bolstered by news that SEC Chair Gary Gensler might resign, which could positively influence the SEC’s ongoing case with Ripple. The price surge has also been driven by substantial purchases from XRP whales anticipating greater future returns.
As of now, XRP is trading at $1.10, with its daily trading volume jumping by 104.46% to a valuation of $23.13 billion.
