XRP Price Set for Third “Kaboom”? Market Cap to Hit $2.61 Trillion, Hint Analyst
Mustafa Mulla3 May 20242 min read
In a recent tweet that has set XRP enthusiasts abuzz, respected crypto analyst EGRAG CRYPTO dropped clues about an upcoming seismic shift in the XRP market, calling it the “3rd Kaboom.” EGRAG CRYPTO’s analysis points towards a major breakthrough in XRP’s market cap, potentially sending its price soaring to unprecedented heights.
We’ve done a deep dive into these insights. Here’s all you need to know about XRP and what to expect.
Understanding the Data
EGRAG CRYPTO is meticulously studying XRP’s monthly price movements, particularly its relationship with the 21 Exponential Moving Average (EMA). Notably, XRP’s price has been closely tracking this average, resulting in relatively stable monthly candles.
According to EGRAG CRYPTO, the key event to watch for is what he calls the “Kaboom” or “God Candle.” This event often signals a significant shift in market sentiment and could strongly impact XRP’s price trajectory.
Looking at Past Patterns
Reflecting on past “Kaboom” events on XRP’s monthly chart reveals significant milestones. The first “Kaboom” witnessed a remarkable surge in XRP’s market cap from $142.66 million to $2.59 billion, coinciding with an all-time high of $3.60 in 2017.
Following that, the second “Kaboom” in 2021 drove XRP’s market cap to $13.56 billion, with the price nearly revisiting its previous peak at $3.45 after a correction.
What’s Coming?
Presently, EGRAG identifies indications of a potential third “Kaboom” forming on XRP’s monthly chart, with the market cap currently standing at $28.25 billion. The analyst predicts a breakthrough that could propel XRP’s market cap from $283.4 billion to an astonishing $2.61 trillion in the future.
XRP Price Analysis
Zooming in on the hourly chart, XRP seems to have established a local support level around $0.49. Should the daily closing price approach or surpass $0.5105, a breakout above resistance becomes plausible, targeting the $0.53 zone.
Alternatively, if the price remains comfortably above $0.53, bullish sentiment could strengthen, potentially driving XRP towards the $0.58-$0.62 range by week’s end. Currently, XRP is trading at $0.52, showing a slight surge over the last 24 hours, with a market cap of $28.49 billion.
