Chartist Sees XRP Market Cap Rising to $997B, Reflecting Price Surge to $18

Prominent chartist EGRAG projects the XRP market cap to hit a new all-time high of $997 billion, which reflects a price rally to the $18 territory, based on data from historical context.

EGRAG’s forecast comes when XRP 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 a whopping $128 billion six years ago.

Historical Context

As highlighted in EGRAG’s monthly XRP market cap chart, the valuation of XRP stood at a mere $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 rally 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 Market Cap to Hit $997B

XRP’s market cap now sits at $37.2 billion as of press time, making it the fifth most valuable crypto asset. EGRAG’s latest price prediction posits that XRP might see a massive appreciation in market cap amid a looming price surge.

According to the analyst, XRP is poised to replicate the same rally it witnessed from January 2017 to January 2018. However, he believes the asset might only replicate 7% of the previous appreciation rate.

It bears mentioning that, amid the fluctuations, XRP’s market cap tumbled to $13.87 billion last June. EGRAG’s analysis puts this territory as the starting point of the next appreciation rate. Notably, the analyst predicts the XRP market cap will soar by 7,070% from this point. This represents 6.8% of the 104,140% rate in January 2018.

Should the XRP market cap soar by 7,070% from the June low, it would hit the $997 billion territory. Supposing XRP’s circulating supply remains steady at 53.5 billion, this $997 billion market cap would translate to an XRP price of $18.6.

This market valuation remains ambitious, even for a crypto asset. For context, Bitcoin (BTC), the largest crypto asset, currently has a market cap of $717 billion. In addition, Ethereum (ETH) and Tether (USDT) have market valuations of $231.4 billion and $86.2 billion.

Meanwhile, amid these projections, XRP currently trades at $0.6933 with a market cap of $37.2 billion. Despite a 16.97% drop, XRP’s 24-hour trade volume currently sits at a whopping $1.8 billion. With a 14.7% 1-week increase, XRP seeks to reclaim and retain the $0.70 point.