XRP has made significant strides in the crypto market, and recent analysis suggests that its price could surge to new heights if it manages to capture a larger share of the global crypto market. According to prominent market analyst EGRAG, XRP’s price could reach anywhere between $8 and $17, provided it increases its market dominance to between 10% and 20%.

XRP’s Resurgence and Market Dominance

XRP recently made headlines by surging above $1 for the first time in three years, marking an important milestone in its recovery. This surge has led to a dramatic increase in its market valuation, which has now surpassed $60 billion, propelling XRP to the position of the sixth-largest cryptocurrency by market cap.

Currently, XRP’s market dominance stands at around 2.09%, a notable rise from its low of 1.05% in June 2024. This resurgence in dominance reflects the growing investor confidence in the token, as it shows an increasing ability to capture a larger share of the market.

The Fibonacci-Based Analysis

EGRAG, a well-known crypto analyst, has been closely monitoring XRP’s dominance, using Fibonacci levels to predict potential breakout zones. Looking at historical cycles, EGRAG points out that XRP reached its peak dominance in previous bull runs, particularly during 2017 and 2021. These cycles showed a significant rise in XRP’s market dominance, which served as a precursor to its price rallies.

EGRAG identified a key “confluence zone” around the 5.9%-6% market dominance level, a region where two important Fibonacci levels intersect: Fib 1.0 from the 2021 cycle and Fib 0.5 from the 2017 cycle. This zone acts as a resistance level. A breakout above this level could signal the start of a major rally in XRP’s dominance, potentially paving the way for even higher gains.

What Does a 10%-20% Market Dominance Mean for XRP’s Price?

Historically, once XRP’s dominance moves past these resistance levels, the path could open to even greater price appreciation. EGRAG predicts that if XRP’s dominance reaches between 10% and 20%—as it captures a larger share of the overall crypto market—its price could surge.

In the most optimistic scenario, where XRP captures 10% of the global crypto market, EGRAG suggests that XRP could rise to $8.77 per token. On the other hand, if XRP claims 20% of the market, the price could soar to $17.54. These price targets represent massive potential upside, especially considering that XRP is currently trading around $1.12.

Ripple’s CEO Garlinghouse’s $5 Trillion Market Cap Projection

This forecast aligns with Ripple CEO Brad Garlinghouse’s bullish outlook on the cryptocurrency market. In April 2024, Garlinghouse projected that the global crypto market cap could hit $5 trillion by the end of the year. At that time, the global market cap stood at approximately $2.58 trillion, with a $1.9 trillion gap remaining to reach the $5 trillion mark.

Since Garlinghouse’s prediction, the global market cap has already risen to $3.1 trillion, with the market continuing to expand. As more institutional investors enter the space, this bullish trend could gain further momentum. If the market cap eventually reaches $5 trillion as projected, and XRP captures 10% to 20% of that market, the price targets of $8.77 and $17.54 become more plausible.

The Road Ahead for XRP

At the time of writing, XRP is trading at $1.12, down slightly by 1.06% over the past 24 hours. However, its performance over the past week has been positive, and many investors are optimistic about its prospects. To reach the target price of $8.77, XRP would need to rally 683%, while achieving the $17.54 price would require an 1,466% increase from its current level.

With its recent surge in market dominance and increased investor interest, XRP is positioning itself for significant growth in the coming months. While there are still many hurdles to overcome, particularly in terms of global market share, the potential for a massive price spike remains, especially if Ripple’s predictions about the broader crypto market come to fruition.

Conclusion

XRP’s resurgence has captured the attention of analysts and investors alike. As the token continues to climb in market dominance, with potential to capture 10%-20% of the global crypto market, its price could see impressive gains, possibly reaching $8.77 to $17.54. If XRP’s dominance continues to rise and the global crypto market reaches the $5 trillion mark, these predictions could materialize, presenting a significant opportunity for long-term investors.