A widely followed market expert has predicted the XRP dominance to soar to a six-year peak, potentially pushing prices to new all-time highs.
The crypto market has stumbled in recent weeks, and XRP has not escaped the pressure. After climbing to $3.187 on Sept. 13, XRP yielded to the bears. It eventually broke below the $3 psychological mark on Sept. 21 and has struggled to find momentum since then.
Amid this decline, pseudonymous trader KriptoMessi has called attention to a bullish structure on the XRP dominance chart. Specifically, the analyst spotted a repeating pattern that could lead to a surge in XRP’s share of the total crypto market. He believes XRP dominance could climb to 6.19%, a level not seen in six years.
XRP Dominance Four-Step Fractal
KriptoMessi’s chart shows a four-step fractal around a descending trendline that has played out twice in the daily timeframe. The first occurrence started on March 19, when XRP dominance peaked at 5.35%, representing point one.
From this top, dominance dropped lower through April and May, leading to the formation of the first descending trendline. Amid the decline, a recovery emerged in mid-May, which pushed XRP dominance to 4.63% on May 14, retesting the trendline. He marked this as point two.
However, a rejection at point two ensured that the downtrend continued. By late June, dominance again rebounded and retested the descending trendline at point three when it reached 4.13%. After this, it then based out near 4.04% at point four.
Following this base, the XRP dominance broke above the first trendline in early July. Interestingly, the breakout led to a sharp upward push in early July, sending dominance to a peak of 5.53% on July 18, which coincided with XRP price rise to $3.6.
Meanwhile, the second occurrence came up in July and August. Specifically, the 5.53% top from July 18 represented the point one of the second occurrence. From here, XRP dominance entered another downtrend, forming a second descending trendline.
Dominance recovered in early August, revisiting the descending trendline at point two when it soared to 5.17%. It faced a rejection here and slipped again. However, another retest occurred when the XRP dominance recovered to 4.69% on Sept. 13 at point three.
A Potential Recovery to 6.19%
Again, a rejection followed, before dominance recently settled into a base near 4.54% at point four. Now that the XRP dominance has built another base at the second descending trendline, KryptoMessi believes the market has again built a platform for another upward move.
He expects a third occurrence to begin after this base. Following the consolidation at point four, XRP dominance could break free of the trendline and surge from the mid-4% region. The chart projects a run toward 6.19%, which would lock in the strongest dominance expansion for XRP in years.
Impact on XRP Price
Such a rally would have massive implications for XRP price. At the moment, the total crypto market cap sits at $3.78 trillion, while XRP holds a $170.51 billion valuation, giving it a 4.51% dominance share.
If dominance reaches 6.19% without any change in overall market size, XRP’s market cap would rise to $234 billion. That figure would only slightly surpass July’s peak of $217 billion when XRP price touched $3.66, leading to a price of $3.91.
Meanwhile, if the broader market recovers to its all-time high of $4.17 trillion from August, the impact becomes larger. At 6.19% dominance, XRP’s market cap would hit $258 billion, pushing its price to a new record of about $4.32.
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.
