The only way for XRP now is up, according to widely followed trader CryptoWZRD, who projects a new all-time high for the coin.
XRP has again surged past $2.61 for the second time this week. The coin now boasts an impressive weekly gain of 22% amid a renewed attempt to reach the long-cherished $3 price level. XRP’s ongoing price action has many analysts speculating on how high it could go this time before another pause.
New All-Time High “Inevitable”
CryptoWZRD is among those offering bullish predictions. According to him, XRP is now on an “up-only” trend, steadily grinding higher.
He noted that the coin held its ground during the most recent downturn, which saw a retest of the $1.60 level. With XRP now above $2.61, up 62% from that low, CryptoWZRD warned skeptics to stop fighting the trend. He asserted that a new all-time high is inevitable for XRP.
Accompanying the update is a weekly XRP chart highlighting its historical price action since 2014. It shows how XRP broke out to an all-time high after a three-year consolidation between 2014 and 2017.
The chart also suggests that the longer consolidation period from 2018 has now ended and that there is significant room for price levels to surpass XRP’s previous peak. Notably, CryptoWZRD’s chart indicates XRP could soar to $5.90 during this current leg, implying a 126% gain from today’s price.
Interestingly, a $5.90 price point would place XRP’s market cap above $345 billion, higher than Ethereum’s current valuation of $317 billion.
While this hints at the possibility of XRP flipping Ethereum, the path may be difficult, as ETH bulls have returned. The coin has surged 43% in the last seven days, double XRP’s gain.
Other Projections for XRP Peak Amid Breakout
Meanwhile, other market commentators are weighing in on XRP’s breakout, including Good Morning Crypto podcast host Abdullah Nassif, known as Abs.
In a tweet, Abs claimed that XRP’s breakout is gaining momentum and invited community members to share their price targets. The chart accompanying his tweet showed potential peaks of $8 and $27 for XRP, based on historical Fibonacci levels.
These levels aligned with the 1.272 and 1.618 Fibonacci extensions, which defined XRP’s price movement during the 2017–2018 rally.
Also, some analysts are predicting XRP’s potential in this cycle by drawing inspiration from its historical market dominance during previous peaks.
For instance, trader DK64Trades stated that XRP could easily surpass $10 this year. He compared XRP’s current market dominance (~5%) to its 2018 peak (~31%) when the price reached $3.84. He believes a return to similar dominance levels could drive the price significantly higher.
On the other hand, analyst Capt Toblerone projects a $1.25 trillion market cap for XRP in a full-fledged crypto bull market with a global crypto valuation of $35 trillion. Based on this valuation, XRP’s price could reach $22 per token.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
