Market analyst EGRAG Crypto expects XRP dominance to surge, potentially leading to bullish price implications as the total crypto market reaches new highs.
EGRAG, who has continued to make bullish price predictions for XRP despite the ongoing struggles, decided this time to turn to the asset’s market dominance. Notably, he identified a bullish structure on the XRP dominance monthly chart (XRP.D).
XRP Dominance Faces Resistance at Fib. 0.5
Specifically, EGRAG highlighted the Fibonacci 0.5 retracement as a potent resistance that has hindered further upside to XRP dominance in nearly six years. For context, XRP hit a peak market dominance of 31.33% in May 2017 when prices claimed $3.8.
However, amid the price correction, dominance saw a comparative decline. As a result, XRP dominance collapsed below the pivotal Fib. 0.5 level, currently at 5.75%. Nonetheless, the market has continued to retest this level since then. EGRAG says this is particularly important.
Specifically, in October 2019, when XRP price recovered to $0.3149, dominance saw a rapid push, soaring to 6.1%, as it retested and briefly broke beyond Fib. 0.5. However, this breakout was weak, leading to a much deeper months-long correction to 2.77% by June 2020.
XRP Dominance 1M Chart | EGRAG Crypto
Also, in November 2020, as XRP’s price spiked 243% to $0.79, XRP dominance broke above Fib. 0.5 to reach a high of 6.04%. However, resistance at the Fib. 0.5 roadblock as well as the SEC’s lawsuit, which began in December 2020, resulted in a massive crash, with XRP dominance dropping 74% in December to 1.31%.
XRP Dominance Retesting Fib 0.5
Now, EGRAG has confirmed that XRP dominance is again retesting the Fib. 0.5 resistance. The analyst believes the breakout could be decisive this time. Notably, when XRP’s price hit a seven-year high of $3.4 in January 2025, its market dominance soared to 5.58%.
However, as the market saw a pullback in February, XRP dominance dropped. Interestingly, it again retested the Fib. 0.5 resistance in March as XRP price recovered just above $3 amid its inclusion in the U.S. crypto stockpile.
According to EGRAG, this repeated retest increases the chances of a breakout. He likened such a retest to knocking on a door, with more knocks increasing the possibility of an answer.The analyst pointed out that XRP has knocked on the Fib. 0.5 level four times since October 2019, and a fifth knock could lead to the breakout.
EGRAG Targets XRP to $27
Should such a breakout occur, EGRAG expects XRP dominance to form a bullish flag, an important structure that could set the foundation for greater heights. The market analyst believes this bull flag could push XRP to a market dominance of 27%.
Meanwhile, EGRAG also projected that the global crypto market could rise to $5.5 trillion. For context, this would mark a 67% increase from the current valuation of $3.29 trillion.
Now, if XRP claims a market dominance of 27% and the broader crypto market hits $5.5 trillion, this would put XRP’s market cap at $1.485 trillion. According to EGRAG, this valuation translates to an XRP price of $27. Currently, XRP trades for $2.16, requiring a 1,150% increase to reach $27.
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