Prominent chartist EGRAG projects the XRP market cap to hit $997 billion, reflecting a price rally to $18 based on historical data.
His forecast comes when the token is observing a massive uptrend, which recently saw it reclaim $0.7325. The analyst turned to XRP’s market cap, highlighting the previous price surge that pushed its valuation to $128 billion six years back.
Historical Events
As highlighted in EGRAG’s monthly XRP market cap chart, the valuation of XRP stood at a $110.5 million as of January 2017. XRP saw this low market cap when its price collapsed to $0.0030 that month. However, it recorded a comeback shortly after the drop.
Notably, XRP rallied over the course of one year, surging to an all-time high of $3.3170 in January 2018. This surge resulted in a massive increase in XRP’s market cap, skyrocketing to $128.4 billion. EGRAG’s chart suggests that the market cap rallied by a whopping 140,140%.
Nonetheless, XRP eventually collapsed from the $3.3170 all-time high that month, leading to a loss of $33.58 billion in its market cap. Its valuation has continued to observe fluctuations since then, dropping to a low of $4.9 billion in March 2020 and then surging to $89.3 billion in April 2021.
XRP $997B Market Capitalization
The token now holds a market cap of $37.2 billion, securing its position as the fifth most valuable cryptocurrency. EGRAG’s latest forecast suggests the potential for significant growth in market cap, hinting at an impending price surge.
Also read: XRP’s Price Trajectory: Experts Predict Possible Drop to $0.10 Amid Bearish Signals
The analyst envisions a scenario where the asset mirrors the 2017 to 2018 rally, albeit at a more conservative 7% of the previous growth rate. Notably, XRP’s market cap hit a low of $13.87 billion in June. EGRAG’s analysis considers this point as the starting point for the next surge, projecting an astonishing 7,070% increase in XRP’s market cap.
Currently, XRP is trading at $0.6977 with a market cap of $37.39 billion. Impressively, XRP maintains a substantial 24-hour trading volume of $1.726 billion.
