XRP Dominance: From 10% to 20%

Attention, #XRPArmy! Let me take you through an analysis using double Fibonacci levels from two major cycles to identify key confluence points

XRP has hit an all-time high in three years as the digital currency continues to soar.

The digital asset traded as high as $1.2679 on Binance, hitting its highest price since November 11, 2021.

The price surge was driven largely by the activities of large investors, known as whale and shark wallets, which hold between one million and one hundred million XRP tokens.

These major holders purchased 453.3 million tokens over the past week, which were valued at around $526.3 million.

This stood in stark contrast to the activities of the retail trader who entered the scene over the past couple of months.

Small wallets with less than one million XRP were quick to dump tokens as the market began to rally, with a total of 75.7 million XRP being sold in the past week alone, valued at around $87.9 million.

Retail traders sold their tokens as the market began to rally, presenting a perfect opportunity for large investors to purchase more tokens at lower prices.

In the past, when some of the major market participants bought up their tokens during retail FUD, the market went on to have massive positive price action.

This is the current state of the token, which is now the sixth-largest cryptocurrency in the market.

This comes as the coin’s price dominance in the market has also been increasing.

According to an analyst at Egrag Crypto, this could propel the token to hit a market dominance of 10 to 20%.

To arrive at this conclusion, the analyst used Fibonacci levels of two market cycles, one in 2017 and another in 2021.

The levels of Fibonacci analysis show that a critical convergence zone is at 5.9 to 6% dominance. A close above this range could indicate further upward movement of XRP.

This would place the token on its way to hitting other Fibonacci levels like 0.702 or 0.786.

A clean breakout through the 2021 dominance high at Fib 1.0 could see XRP reach new dominance highs of up to 16.69% Fib 1.618 or even 20%.

If XRP manages to retain or even grow its market dominance based on these predictions, the price of the Ripple token could also increase substantially.

According to a prediction by Brad Garlinghouse, the total market capitalization of cryptocurrencies could reach $5 trillion by the end of this cycle.

If XRP were to claim 10% of this total market cap, its price could reach up to $8.77. The analysis suggests that XRP could hit $17.54 if it becomes 20% dominant.

At the time of writing, the Ripple coin was trading at $1.08, up 3.39% in the past day.

XRP is on the cusp of a major breakout, with its price and market share indicating an uptrend.

In the meantime, the market dynamics of Ripple are set to change drastically as whale investors continue to buy more of the coin while retail traders sell less of it.

The next few weeks could be crucial in determining whether the coin will be able to cross important dominance levels and reach new highs.