XRP Price Reaches $100 Billion Market Cap: What’s Next?

XRP price has once again reached a market cap of $100 billion, providing another bullish outlook for the cryptocurrency, which has been one of the best-performing cryptocurrency assets in recent times. Crypto analysts like Dark Defender have provided insights into the future of XRP.

XRP price could rise to $5 next

In a post on This Happened, he noted that the first target of $1.8 for XRP was reached in this bull run, leading the cryptocurrency to reach the $100 billion market cap mark.

With the first target out of the way, XRP could reach $5.8, which is highlighted as one of the intermediate targets in the accompanying chart from Dark Defender. Interestingly, the chart also highlights $18 as a medium target, suggesting that the cryptocurrency could eventually reach this level.

Dark Defender also recently used its Elliot Wave Theory analysis to show how XRP could reach $18 in this market cycle. The chart showed that this parabolic rally would occur on the impulsive upward move of wave 5.

Meanwhile, in another X post, the crypto analyst warned about how critical the Fibonacci level at $1.8815 is in the short term. He noted that XRP price reached $1.9508 and then returned to this Fib level. Accordingly, he stated that the cryptocurrency needs to stay above $1.8815 for at least three candles.

According to Dark Defender, the first step is to stay above this level for 12 hours, followed by a three-day close above this level. A sustained close above this Fibonacci level could confirm this as a key support level and push XRP to new highs.

Given the recent XRP rally, it is worth noting that the cryptocurrency has made BNB the fifth largest cryptocurrency by market capitalization. Dark Defender believes that XRP could be next to overtake Solana and become the fourth largest cryptocurrency by market capitalization. The analyst had also previously boldly predicted that the cryptocurrency would eventually surpass Ethereum.

Double-digit price target in sight

Crypto analysts such as Egrag Crypto and Mikybull Crypto have also suggested that a double-digit price target is in sight for the XRP price. In his analysis, Egrag Crypto explained that FOMO is triggered when XRP closes above the $2 mark.

He added that if history repeats itself, XRP will likely trade in double digits between $20 and $27. From the accompanying chart, it appears that the analyst is referring to the 2017 bull market where XRP posted huge gains on the way to its current all-time high (ATH) of $3.8.

Crypto analyst Mikybull Crypto also stated in an X post that XRP price is giving off 2017 rally vibes. Based on this, the analyst predicts that XRP will hit $2 and then experience a pullback before continuing its “vertical hated rallies” and setting a new cycle high, likely at $10.

In another X post, he urged market participants to watch what follows after XRP breaks a new ATH. The crypto analyst added that the massive rallies of 2017 will soon be revealed for all to see. With XRP currently on a high, a recent market analysis from CoinGape also suggests that the cryptocurrency’s ATH is imminent.

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Boluwatife Adeyemi

Boluwatife Adeyemi is an experienced crypto news writer and editor who has covered topics related to DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making them easy to understand for crypto newbies. Besides writing, he is an avid basketball lover and a part-timer.

Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.