XRP's Price Surges 5% Amidst Market Upheaval, Wondering About Future Trends?
The cryptocurrency market has been witnessing significant volatility over the past week, with XRP leading the charge. The open interest for XRP has surged past $7.3 billion, indicating a growing interest among investors.
Last week, the crypto market liquidations soared to nearly $500 million, with a wave of liquidations hitting highly leveraged long positions for XRP. However, if XRP rallies to $3.06, it could trigger significant short liquidations, potentially reversing the trend.
Analyst EGRAG Crypto has provided a detailed analysis of XRP, projecting both a non-logarithmic scale target of $4.89 and a logarithmic scale target of $48.90. The logarithmic scale, commonly used in crypto analysis due to its ability to model exponential growth, underpins the much higher $48.90 target. EGRAG’s average target of $27 represents an approximately 800% increase from XRP’s current price around $3.
The non-logarithmic target ($4.89) implies a more modest 63% gain, while the logarithmic target ($48.90) reflects a potential final epic rally, demanding about a 1,530% surge. By averaging these extremes, EGRAG suggests a middle-ground expectation at $27.
The forecast is tied to technical factors, especially breaking above a long-standing resistance zone called the “Bifrost Bridge,” which XRP has struggled to clear over roughly 240 days. Historical bullish cycles in 2017 and 2021 support the plausibility of such large surges, especially if XRP breaks key resistance. Other methods like Fibonacci extensions also suggest intermediate targets between $4 and $15.
Meanwhile, another analyst, Javon Marks, states that as long as XRP price holds the support at $2.47, an upside target of $4.80 remains intact.
As of today, XRP's market cap stands at $173.69 billion, making it one of the leading cryptocurrencies by market capitalisation. Bitcoin's 24-hour volatility is 0.9%, and its market cap is $2.26 T, while Ethereum's 24-hour volatility is 3.2%, and its market cap is $431.25 B. The 24-hour volume of XRP is $4.86 billion.
In the broader market, Bitcoin ETFs recorded nearly $1 billion in outflows over July 31 and August 1, while Ether faced pressure with $152 million in outflows on August 1.
[1] Source: CoinMarketCap [2] Source: EGRAG Crypto Analysis [3] Source: Javon Marks Analysis [4] Source: Messari Crypto
1) Despite thevolatility in the cryptocurrency market, investors are showing a growing interest in XRP, as evidenced by the surge in open interest to $7.3 billion and the potential for short liquidations if XRP rallies past $3.06. (finance, investing)
2) The forecast for XRP's price by analyst EGRAG Crypto, using a logarithmic scale, projects an ambitious target of $48.90, which implies a potential final epic rally requiring a 1,530% surge, underpinned by the cryptocurrency's ability to model exponential growth. (technology, investment, finance)
