After underperforming for the past couple of years, Ripple’s XRP has now once again started catching attention from crypto investors. Its price has risen over staggering 250% in the past 3 months.
The remarkable price rally of the past few months suggests that this asset is clearly looking to break to new highs with some analysts beliving it reaching as high as $8 in coming months.
EGRAG, a veteran crypto trader, shared the latest analysis on X citing XRP’s potential in broadening its market capitalization. He expects over 10% to 20% market dominance for XRP in the crypto industry.
According to the trader, XRP might see a pump of over 600% to $8 if the cryptocurrency market manages to surpass a market cap of $5 trillion – as predicted by the Ripple CEO.
Data from Coinmarketcap shows that the current market cap of XRP sits near $125 billion and the total cryptocurrency market cap is at $3.36 trillion. This marks nearly 2% dominance for XRP over into the industry.
The analysis from EGRAG – based on 2017 and 2021 price actions – highlights that XRP has been shrinking in market cap and its dominance within the crypto space has reached record low levels. Now as XRP is witnessing price recovery and breaking its previous highs, this reversal would help the asset in recapturing its market dominance by up to 10%.
XRP Market Sentiment
The current market sentiment towards XRP is much optimistic with it looking to break to a new all-time high as Bitcoin price tries to recapture above $100,000 levels. XRP price has had an impressive run this year with it breaking out of the silence zone of below $1.
According to Coinmarketcap data, XRP is currently trading at $2.20 – up 52% in the past month. It has a trading volume of over $5.60 billion in the past 24 hours.
Read: XRP is getting ready to EXPLODE: Analysts Predict Breakout
