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XRP Price Hits $100 Billion Market Cap: What’s Next?
The XRP price has hit a $100 billion market cap again, further providing a bullish outlook for the crypto, which has been one of the best-performing crypto assets in recent times. Crypto analysts like Dark Defender have provided insights into what could come next for XRP.
XRP Price Could Rally To $5 Next
In an X post, crypto analyst Dark Defender suggested that the XRP price could rally as high as $5 on its next leg to the upside. This came as he noted that the first target of $1.8 for XRP in this bull run has happened, which led to the crypto hitting the $100 billion market cap mark.
With the first target out of the way, XRP could reach $5.8, which Dark Defender’s accompanying chart highlights as one of the median targets. Interestingly, the chart also highlights $18 as a median target, indicating that the crypto could reach this level at some point.
Dark Defender also recently used his Elliot Wave theory analysis to show how XRP could hit $18 in this market cycle. The chart showed this parabolic rally would occur on the Wave 5 impulsive move to the upside.
Meanwhile, in another X post, the crypto analyst warned about how critical the Fibonacci level at $1.8815 is in the short term. He noted that the XRP price touched $1.9508 and then bounced back to this Fib level. In line with this, he stated that the crypto must stay above $1.8815 for at least three candles.
According to Dark Defender, the first step is to stay 12 hours above this level, followed by a 3-day close above this level. A sustained close above this Fib level could confirm that as a significant support level and propel XRP to new highs.
Amid the recent XRP rally, it is worth mentioning that the crypto has flipped BNB to become the fifth-largest crypto by market cap. Dark Defender believes XRP could flip Solana next to become the fourth-largest crypto by market cap. The analyst had before now also boldly predicted that the crypto would flip Ethereum at some point.
Double Digits Price Target On The Horizon
Crypto analysts like Egrag Crypto and Mikybull Crypto have also suggested that a double-digit price target for the XRP price is on the horizon. In his analysis, Egrag Crypto stated that FOMO will ignite if XRP closes above the $2 level.
He added that if history repeats itself, XRP will likely trade in double digits between $20 and $27. From the accompanying chart, the analyst looks to be referring to the 2017 bull run, in which XRP recorded massive gains on its way to its current all-time high (ATH) of $3.8.
Crypto analyst Mikybull Crypto also stated in an X post that the XRP price is giving off 2017 rally vibes. Based on this, the analyst predicts that XRP will hit $2 and then experience a pullback before it continues its “vertical hated rallies” to a new cycle top of probably $10.
In another X post, he told market participants to watch what will follow after XRP breaks a new ATH. The crypto analyst added that the 2017 kind of massive rallies are about to be unveiled before everyone’s eyes. With XRP flying high at the moment, a recent CoinGape market analysis also raised the possibility of the crypto’s ATH being imminent.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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