The post XRP Market Cap Is Poised To Hit $2.61 Trillion Hints Top Crypto Analyst  appeared first on Coinpedia Fintech News

In a recent tweet that has sparked excitement among XRP enthusiasts, well-known crypto analyst EGRAG CRYPTO hinted at an upcoming market movement for XRP, referring to it as the “3rd Kaboom.” EGRAG CRYPTO’s analysis suggests a significant breakthrough in XRP’s market cap will take XRP’s price to an unprecedented height. 

Formation of Kaboom On XRP

EGRAG CRYPTO is closely examining XRP’s monthly price movements, focusing on its relationship with the 21 Exponential Moving Average (EMA). XRP’s price has stayed close to this average, which has resulted in relatively calm monthly candles.

#XRP Market Cap – The 3rd Kaboom 

Let’s dive into the Monthly Time frame and observe how price action interacts with the 21 EMA. 

The #XRP price has been dancing around the 21 EMA for quite some time, forming several shy monthly candles. But when the Kaboom or God… pic.twitter.com/asxdBYd3h7

— EGRAG CRYPTO (@egragcrypto) May 3, 2024

According to EGRAG CRYPTO, the crucial event to watch for is what he terms the “Kaboom” or “God Candle.” This event often signals a significant shift in market sentiment and could strongly influence the direction of XRP’s price.

XRP Market Cap To Hit $2.61 Trillion

Looking back at previous “Kaboom” events on XRP’s monthly chart, significant milestones have been observed. The first “Kaboom” saw XRP’s market cap surge from $142.66 million to $2.59 billion, coinciding with an all-time high of $3.60 in 2017.

Subsequently, the second “Kaboom” in 2021 drove XRP’s market cap to $13.56 billion, with the price nearly reaching its previous peak at $3.45 after a correction.

Now, EGRAG identifies a potential third “Kaboom” forming on XRP’s monthly chart, with the market cap currently at $28.25 billion. The analyst predicts a breakout that could propel XRP’s market cap from $283.4 billion to an astonishing $2.61 trillion in the future.

XRP Price Analysis

Currently, on the hourly chart, XRP appears to have formed a local support level of around $0.49. If the daily closing price approaches or exceeds $0.5105, there is potential for a breakout above resistance, targeting the $0.53 zone.

Alternatively, if the price remains well above $0.53, bullish sentiment may strengthen, potentially driving XRP towards the $0.58-$0.62 range by week’s end. As of now, XRP is trading at $0.52, showing a slight surge over the last 24 hours, with a market cap of $28.49 billion.

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