A recent analysis of EGRAG CRYPTO caught the attention of the crypto community with an ambitious prediction. The analyst suggests that XRP's market capitalization could potentially reach an incredible $3 trillion, a development that would elevate the token to the top tier of digital assets and have a significant impact on the entire crypto landscape.
The “White Channel” reference
EGRAG CRYPTO bases its prediction on a confluence of technical indicators. They highlight a strategic reference point nicknamed “The White Channel” on the XRP chart, suggesting a potential price rally if the token rises above its upper limits. Even reaching the top of this channel would result in a market capitalization of almost $290 billion, a significant jump from its current position.
#XRP Stock market cap at $3T!!! 🚀 – THE WHITE CANAL
Once #XRP MC comes out of 'The White Channel', we're looking at a $3 trillion market cap! 🌙✨
The midpoint of the channel is $100 billion and the high end reaches $287 billion. It's here that #XRP MC will propel itself like a rocket! 🚀💥… pic.twitter.com/QOXsyGDO2k
– CRYPTO EGRAG (@egragcrypto) May 28, 2024
Short-term upward price trend
Further fueling the bullish fire, EGRAG CRYPTO identifies a “White Triangle” breakout pattern, historically a reliable indicator of price action. This trend suggests a short-term price fluctuation between $1.20 and $1.50, with a crucial breakout point expected in the coming weeks.
However, amid the excitement surrounding the White Channel screenings, there is a notable level of skepticism. Reaching a market cap of $3 trillion would require XRP to overtake giants like Ethereum and potentially challenge Bitcoin's dominance.
Although this feat is not impossible, it seems highly unlikely in the short term. This skepticism counterbalances the optimism, reminding investors of the significant challenges and competitive landscape that XRP would need to overcome to achieve such exceptional growth.
Meanwhile, the most recent XRP price estimate is that by June 29, 2024, the price of the altcoin will have increased. increased by 21% to $0.62. Technical indications suggest that the current mood is bearish, and the Fear & Greed Index currently reads 73 (Creed).
XRP price action in the last 30 days. Source: Coingecko
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Featured image from Shutterstock, chart from TradingView