XRP Dominance Has Edged Close to a Critical Level. Will It Breakout?

In a recent X post Egrag Crypto shared his views and forecasted that XRP dominance could well close at more than 6%, the 2021 high.

Recently, Egrag Crypto took to X, formerly Twitter, to share his thoughts on XRP’s dominance.

The crypto analyst pointed out that XRP dominance is getting close to a critical level. At present, it is on the verge of closing above the 2021 high of 0.888, which is also the Fibonacci 0.5 level.

According to Erag, this is a critical point of distinction. If XRP dominance can close above the said level, it could possibly shoot for the next Fibonacci level of 0.888. This would take XRP closer to the goal of attaining between 15-20% market dominance from around its current level of 31%.

“#XRP Dominance – Exhibiting Tremendous Strength: 1⃣ #XRP dominance is on the verge of closing above the 2021 high of 6%,surpassing Fib 0.5,which I consider a critical level and super #Bullish sign once ti happens. 2⃣ If #XRP dominance successfully closes above Fib 0.5,we could see it aiming for Fib 0.888,taking #XRP closer to 15-20% marketcap from around 31% now.”

Earlier this year, during the last stages of the 2021 bull market, XRP’s price went as high as $1.98. At the time, its price was noted to be trading at a 2021 high.

At press time, the token is changing hands at $2.42, which is a 4.98% increase in the past 24 hours.

In the comment section of his post, Erag further stated that the rates higher than the Fibonacci 0.5 level is not just an analysis within technical field. This would further solidify the continued expansion of utilization of token in the crypto industry. It could lead to increased demand and focus on the asset.

Earlier, Ben Armstrong, the host of crypto YouTube channel “Armstrong World Inc.,” shared his thoughts on what could happen if the price of Bitcoin drops to $20,000.

According to the crypto influencer, if the flagship cryptocurrency experiences a significant decline from its current price to $20,000, it could potentially spark a broader selloff in the cryptocurrency market.

Armstrong further explained that if Bitcoin drops to $20,000, it might trigger a chain reaction, leading to a selloff in altcoins as well. This, in turn, could put more pressure on Bitcoin to continue dropping.

In a recent X post, Egrag Crypto shared his views and forecasted that XRP dominance could well close at more than 6%, the 2021 high.

A Critical Level for XRP Dominance

Egrag highlighted a critical level to watch for. According to him, if XRP dominance manages to close above the Fibonacci 0.5 level, which is a significant resistance point, it could be on its way to reaching the next Fibonacci level at 0.888.

This would bring XRP closer to its goal of attaining between 15-20% market dominance from its current level, which is around 31%.

Sharing his thoughts on X, Egrag wrote:

“#XRP Dominance – Exhibiting Tremendous Strength:

1⃣ #XRP dominance is on the verge of closing above the 2021 high of 6%,surpassing Fib 0.5,which I consider a critical level and super #Bullish sign once ti happens.

2⃣ If #XRP dominance successfully closes above Fib 0.5,we could see it aiming for Fib 0.888,taking #XRP closer to 15-20% marketcap from around 31% now.”

If one looks at the price of XRP in 2015, it went as high as $0.75, which is the same price range that the token is currently in.

Egrag believes that such proximity to the 15-20% dominance range would justify token’s equality to such previous highs. Such a move would be landmark for the cryptocurrency and prove that it still has its place in the international financial market.