XRP’s breakout lately has fueled speculation about its price potential. Some analysts eye a potential climb to $50.
Analyst Steph is Crypto believes the market is overlooking XRP’s strength. He points to historical trends, market dominance, and key technical signals as signs of a possible rally.
Steph is Crypto highlights XRP’s market dominance as a crucial factor in its price potential. According to the analyst, XRP’s share of the total crypto market cap remains lower than in past cycles.
At the time of recording, the total crypto market cap stood at $3.15 trillion, with Bitcoin leading at $1.9 trillion. XRP’s market cap was $148 billion, far from its 2017 dominance peak of 31.3%.
Steph emphasizes that XRP previously surpassed Bitcoin in dominance, suggesting that historical trends could repeat. He states, “Guys, we are definitely not bullish enough on XRP.” If dominance levels return to previous highs, XRP could experience exponential growth.
What you'll learn 👉
Historical Patterns and XRP Technical Breakout
Technical analysis reveals that XRP has broken above a long-term resistance trendline, a pattern seen before previous rallies. Steph is Crypto compares the current breakout to 2015 and 2017 when similar trends led to massive price surges.
During the 2015 cycle, XRP’s dominance climbed from 0.71% to 31%. In 2017, it again peaked at 31.3%. The analyst notes, “Nothing is impossible, and right now once again we have a breakout in place for XRP.” Given these historical precedents, the breakout could signal a major price move.
A price target of $50 is based on the assumption that the total crypto market cap will reach $10 trillion during this bull run. If XRP reclaims 31.3% market dominance, its valuation could theoretically align with this price prediction. Steph is Crypto leaves the question open-ended, saying, “Is that a likely price prediction? You let me know in the comments!”
Even if XRP achieves half of its previous dominance, it would still indicate a major price surge. The potential for such a move hinges on whether investors recognize and act on the breakout.
XRP Short-Term Market Sentiment and Buying Opportunity
Despite market uncertainty, the analyst remains bullish on XRP’s short-term structure. The crypto fear index currently sits at 44, a level he believes does not justify bearish sentiment.
XRP recently broke above $2.50 and is now retesting this level as support, which Steph is Crypto sees as a potential buying opportunity. “No reason to be bearish here,” he asserts.
Per CoinGecko data, XRP is trading at $2.60 with a 24-hour trading volume of $4.48 billion. The asset has gained 0.51% in the past day and 7.59% over the past week.
With historical breakouts aligning with significant price rallies, analysts suggest XRP could be primed for a major move. The key question remains whether market participants will push its dominance back to previous highs.
Read also: How Many Litecoin (LTC) Tokens You Need to Become a Millionaire by 2026?
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