A popular crypto analyst, known by Egrag Crypto on X, has dropped an updated possible outcome for XRP between the end of the year and January 2025. His analysis draws a comparison from XRP’s price history, particularly during the bull market of 2017.
As per his forecast, XRP is likely to reach unprecedented heights within this period if it repeats the same pattern from seven years ago. According to on-chain data, XRP is up 133% in the last 30 days, continuing a rally that started after the result of the recently concluded U.S. election.
XRP to Repeat History?
In a lengthy post, Egrag Crypto painted a scenario where XRP could repeat the previous movement that drove it to an all-time high of $3.4, backed by the Fibonacci retracement levels. As per his post, XRP surged by 150% in April 2017 from a key support level tagged “purple foundation.” Moreover, a month later, the coin rocketed by a significant 1,330%.
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Compared with today’s movement, Egrag illustrates that XRP aims to close the year between the Fibonacci levels of 1.618 and 1.414, two points that coincide with the $4.3, and $6.4 price levels. However, for January, Egrag predicts that XRP could repeat the May 2017 movement and surge by 1,330% into another price range of $13.7 and $27.3 respectively.
Source: Egrag Crypto/X
2017 vs Today’s Market Cap
Meanwhile, Egrag addressed some doubts investors might have about the possibility of this trend happening. He noted that investors might question the prospect since it only took less money to pump XRP in the early stages.
To answer this, Egrag compared the XRP and the total crypto market cap of 2017 and the present. He noted that in 2017, the total market valuation was $60 billion whereas, XRP was around $15 billion. Fast forward to today, the total market cap (TMC) has jumped to $3.7 trillion, indicating a 6000% (60x) increase.
Multiplying XRP’s 2017 market cap of $15 billion by 60 should result in a $900 billion valuation for XRP. Notably, XRP needs to hold a significant market share, between 9% and 18% for it to achieve this valuation, from a TMC of about $5 trillion to $10 trillion.
Remember that during the 2017 XRP peak, its market dominance was around 31%, therefore, if the same historic pattern repeats, capturing between 9% and 18% would be achievable. Ultimately, Egrag advised investors to focus on their strategies as favoring long-term investments over short-term ones.
“Your strategy matters” … “some will sell, others will hold, some will trade, and others will forget and come back in 10 years,”
At the time of writing, XRP traded at $2.38, representing a 1.39% decrease in the last 24 hours.
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