Market commentator The3Antons suggests XRP could be on the verge of flipping Ethereum.
XRP’s value has witnessed a significant pump, marking a notable period of bullish momentum. XRP has spiked over 59% from the July 5 low of $0.3823 to a recent peak of $0.6114. This impressive performance positions it as one of the top gainers among major cryptocurrencies.
In the past 24 hours alone, XRP has surged 13.36%, making it the third-biggest gainer among the top 100 assets and the leading performer within the top 40. Over the past week, XRP is up 39%, securing its position as the second-largest weekly gainer among the top 100 assets.
XRP Poised to Flip Ethereum
Market analyst The3Antons recently highlighted XRP’s exceptional performance in a post. He suggested that XRP is benefiting from a larger trend, which he calls the “Wealth Transfer.” As XRP outperforms the market, The3Antons highlighted his forecast in March, which predicted a major XRP rally.
If u want to understand why $XRP is outperforming, I highly suggest you read the attached post.
As you can see, everything I said a few months ago is lining up for $XRP as it’s in the “Wealth Transfer” basket.You never bet against the “People” 💯 https://t.co/SXplhm4fbR
— The Three Antons (@The3Antons) July 16, 2024
In the March post, he emphasized XRP’s potential to surpass Ethereum (ETH) in market capitalization during its peak. Recall that XRP and Ethereum previously battled continuously for the second spot on the list of largest assets by market cap. However, ETH has since transcended XRP.
Notably, Ethereum currently boasts a market cap of $419.6 billion, while XRP’s valuation stands at $33.74 billion. With a circulating supply of 55.8 billion, XRP would need to exceed $7.5 to surpass Ethereum’s market cap.
Factors in Favor of XRP’s Growth
The3Antons referred to XRP as the “people’s coin” against corruption, describing its strong community support. He noted that he had been calling on the investing public to jump on meme coins and AI tokens. These asset classes have since performed remarkably.
Now, he calls attention to XRP, an asset he stresses is not a meme coin or an AI token but the “people’s coin.” The analyst also pointed to the XRP community’s resilience against challenges.
He argued that the XRP community could drive significant investment into the crypto asset. According to him, this large community, combined with a potential price spike, could trigger widespread interest and media coverage, leading to a fear of missing out (FOMO) effect.
The3Antons then highlighted multiple factors that are in favor of XRP’s growth. He pointed out that the over 4 million XRP holders represent a bullish factor for XRP. Such a large community is crucial for driving mass adoption and sustained investment.
The current market dynamics also favor XRP’s growth. Major crypto whales, including those holding Bitcoin (BTC) and Ethereum, are holding their positions, creating a stable market environment. He further spotlighted a trend of limited funding from ETH and SOL whales into other projects.
XRP Analysis Affirms Growth Potential
The3Antons presented two XRP price charts to support his bullish outlook further. The XRP/USD chart reveals a massive descending triangle pattern that has been forming since 2016. The triangle’s apex is approaching, suggesting a potential breakout.
Historically, XRP’s price has shown strong support at the base of this triangle, indicating that a downward breakout is less likely. Given the current bullish sentiment around XRP, an upward breakout seems plausible.
The key support level around $0.40 has held firm, preventing any significant downward movement despite various market pressures. XRP retested this support when it slumped to $0.38 on July 5. The recent price surge to $0.6114 suggests increasing investor confidence and bullish momentum.
Moreover, in the XRP/BTC chart, the price is at a crucial support level of around 0.00001025 BTC. Historically, this level has been a strong reversal point. The chart indicated then that XRP may soon experience a bullish reversal against Bitcoin.
However, XRP gave up the support amid an unforeseen market bloodbath. Interestingly, with the recent recovery effort, XRP has outperformed Bitcoin by over 23% since July 5.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
