The crypto world has taken an eye on a recent EGRAG CRYPTO analysis with an audacious prediction. The expert speculates that XRP’s market capitalisation might reach an amazing $3 trillion, therefore transforming the token into the highest level of digital assets and fundamentally changing the whole crypto scene.
The ‘White Channel’ Benchmark
EGRAG CRYPTO based its estimate on the junction of technical indicators. They point to a crucial benchmark on the XRP chart called “The White Channel,” implying a possible price spike should the cryptocurrency exceed its upper boundaries. Even ascending this channel would result in a market capitalisation of around $290 billion, a notable departure from its present level.
#XRP Market CAP to $3T!!! 🚀 – THE WHITE CHANNEL
Once #XRP MC blasts out of “The White Channel,” we’re looking at a moonshot to a $3T market cap! 🌙✨
The mid-point of the channel is $100B, and the high end reaches $287B. This is where #XRP MC will propel like a rocket! 🚀💥… pic.twitter.com/QOXsyGDO2k
— EGRAG CRYPTO (@egragcrypto) May 28, 2024
Near-Term Price Uptrend
EGRAG CRYPTO finds a “White Triangle” breakout pattern, past a consistent indication of price movement, so feeding the optimistic fire. With a necessary breakout point likely in the next few weeks, this pattern points to a near-term price swing between $1.20 and $1.50.
Still, within the buzz over the White Channel’s forecasts, there is a clear degree of doubt. Reaching a $3 trillion market valuation will need XRP to overtake behemoths like Ethereum and maybe question the supremacy of Bitcoin.
Although this is not unachievable, in the foreseeable future it seems quite unlikely. This mistrust balances the hope with the reality of the major obstacles and competitive environment XRP would have to negotiate to realise such remarkable increase.
The most current projection for the value of XRP is that by June 29, 2024, the altcoin will have risen by 21% to $0.62. Technical signals point to a bearish present attitude, while the Fear & Greed Index right now shows 73 (Greed).
XRP price action in the last 30 days. Source: Coingecko
Related Reading: Bitcoin Goes Institutional: Spot ETFs Breach 1 Million BTC Threshold
Featured image from Shutterstock, chart from TradingView
