Analyst Predicts XRP Price Rally To $7.5 Citing Historical Trend

Key Highlights:

• XRP price jumped around 1.5% to $2.31, sparking investors’ optimism.
• A top analyst predicts Ripple price to soar past $7.5.
• XRP’s market capitalization could reach $1.5 trillion, implying a price of $25.

XRP price has continued to stay in the green today and has maintained its brief $2.30 support, indicating a renewed market interest. Amid this, a renowned market expert has highlighted the historical trends for Ripple price and said that the crypto is likely to soar past $7.5 if it follows its previous patterns.

This prediction has sparked discussions among investors, especially as he noted that the crypto could surge to as high as $20 this cycle. So, here we explore the current performance of the crypto and see what lies ahead for XRP price.

XRP Price Slips but Holds the $2.3 Support

Ripple price today has continued to add more than 1% and exchanged hands at $2.31. Its one-day volume has soared around 2% to $3 billion, indicating increasing activity among traders.

Notably, the XRP price has traded between the $2.33 and $2.25 range in the last 24 hours. Simultaneously, the CoinGlass data showed that XRP Futures Open Interest rose 5% today to $4.29 billion, marking its highest level in June.

This on-chain data also indicates that the investors are regaining their confidence in XRP price. 

Besides, the recent market developments also hint that the crypto is likely to continue its upward run in the coming days, potentially hitting a new ATH.

Amid this, a renowned expert has highlighted the historical performance of the asset. Besides, he also compared the performance’s impact on the market cap of Ripple’s native asset, predicting a massive breakout ahead.

Analyst Eyes Ripple Price Rally to $7.5

In a recent X post, market pundit EGRAG CRYPTO predicted Ripple crypto’s price to soar past $7.5, potentially hitting $7.6, citing historical trends. His prediction is based on a thorough analysis of Ripple price’s historical performance and technical analysis.

The expert noted that XRP’s market capitalization is not just a mere reflection of money injected into the asset but rather a representation of its value at “a certain price point.” The analyst stated:

“For every $1 injected, the market cap can multiply by 15 to 30 times during certain stages.”

EGRAG CRYPTO’s analysis suggests that XRP’s market cap could reach $1.5 trillion, implying a price of around $25. 

However, citing performance since 2017, the analyst predicts a potential XRP price of $7.60 based on technical patterns. “This gives me conviction: potential XRP price around $7.60 based on this approach,” EGRAG CRYPTO states.

In addition, the expert said that the market cap could reach $978 billion, citing “Fib 1.618 based on 2018 high and 2020 lows”. This implies a potential XRP price rally to $17, which has further caught the eyes of the traders.

Having said that, it appears that the crypto is poised to double from its previous all-time high of $3.85. However, the ongoing volatile scenario and macroeconomic pressure might continue to weigh on the market sentiment.

So, the investors should tread cautiously amid the uncertain market conditions now. While an XRP price rally seems feasible, the broader market sentiment will play a crucial role in driving the price in the near future.