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- Top market analyst EGRAG foresees XRP price touching $18 in the long term.
- This projection is based on renewed optimism in XRP’s potential based on insights from its historical performance.
Prominent crypto analyst EGRAG recently predicted that the XRP market cap could reach an unprecedented $997 billion, with each XRP soaring to $18 in value. This projection comes amidst a significant uptrend in XRP’s price, with the digital asset recently reclaiming the $0.7325 mark.
EGRAG Learns from History
EGRAG’s forecast is based on historical data, specifically the period from January 2017 to January 2018. XRP experienced a remarkable rally during this time, rising from a market cap of $110.5 million to a staggering $128.4 billion.
The subsequent drop from the all-time high of $3.3170 resulted in a $33.58 billion market cap loss. Since then, the value of XRP has fluctuated, reaching a low of $4.9 billion in March 2020 and a high of $89.3 billion in April 2021. With a market cap of $37.6 billion, XRP is currently the fifth most valuable cryptocurrency. The coin attained this level after years of visible struggle owing to sustained draw-down over the years.
EGRAG anticipates that XRP is poised for a replication of the January 2017 to January 2018 rally, albeit at a more conservative rate of 7%. The analyst identifies June 2023, where XRP’s market cap dipped to $13.87 billion, as the starting point for the next appreciation rate.
Inferring from this point, EGRAG predicts a staggering 7,070% increase in XRP’s market cap, bringing it to the ambitious $997 billion territory. Assuming the circulating supply remains steady at 53.5 billion, this would translate to an XRP price of $18.6.
Future Outlook for XRP
While EGRAG’s projections are bold, it’s essential to consider the broader cryptocurrency market. For context, Bitcoin (BTC), the largest cryptocurrency, currently boasts a market cap of $718 billion. Ethereum (ETH) and Tether (USDT) follow with market valuations of $230.3 billion and $86.3 billion, respectively. XRP’s envisioned market cap of $997 billion would make it a formidable contender, even against these leading cryptocurrencies.
As of the latest data, XRP is trading at $0.7008, with a market cap of $37.6 billion. This capitalization is bolstered by a sustained growth in the coin’s trading volume which is pegged at $1,948,415,887, up 6.8% in the past 24 hours. With a 15.3% increase over the past week, XRP aims to reclaim and solidify its position at the $0.70 mark.
Ripple’s position appears robust in the face of legal challenges, with recent legal victories contributing to XRP’s positive price action. Market watchers predict a high chance of Ripple prevailing against the SEC, with potential settlements below $20 million seen as victory for the company.
Beyond legal battles, Ripple remains committed to expanding its reach, extending payment services to over 70 markets. The company has notably stayed steadfast in championing this push even in the darkest moments its lawsuit rages.
As global finance leaders show increasing interest in adopting digital assets, Ripple’s focus on cross-border payments positions it well for long-term success.
