In a recent tweet that caused excitement among XRP enthusiasts, prominent cryptocurrency analyst EGRAG CRYPTO hinted at the future market trend of XRP, calling it the “Third Kaboom.” Masu. EGRAG CRYPTO analysis suggests that the significant advancement in XRP market capitalization will drive the price of XRP to unprecedented heights.
Formation of Kaboom on XRP
EGRAG CRYPTO takes a closer look at XRP's monthly price movements, focusing on its relationship with the 21 Exponential Moving Average (EMA). The price of XRP has been moving at a level close to this average, and the monthly candlestick results have been relatively stable.
According to EGRAG CRYPTO, an important event to note is what he calls the “Kaboom” or “God's Candle.” This event often signals a major change in market sentiment and can have a significant impact on the direction of XRP price.
XRP market capitalization reaches $2.61 trillion
Looking back at past “Kaboom” events on XRP’s monthly chart, important milestones are observed. During the first “kaboom”, XRP's market capitalization skyrocketed from $142.66 million to $2.59 billion, which matched its all-time high of $3.60 in 2017.
Then, a second “ka-boom” in 2021 brought XRP’s market cap to $13.56 billion, with the adjusted price almost reaching its previous high of $3.45.
Currently, EGRAG has identified the potential formation of a third “Kaboom” on the monthly chart of XRP, which currently has a market capitalization of $28.25 billion. Analysts predict that XRP's market capitalization could rise from $283.4 billion to a staggering $2.61 trillion in the future.
XRP price analysis
Currently, on the hourly chart, XRP appears to be forming a local support level around $0.49. If the daily close approaches or exceeds $0.5105, there is a possibility of a breakout of the resistance level targeting the $0.53 zone.
Alternatively, if the price remains well above $0.53, the bullish mood could strengthen and push XRP towards the $0.58-$0.62 range by the end of the week. Currently, XRP is trading at $0.52, with a slight increase over the past 24 hours, giving it a market cap of $28.49 billion.
