A widely followed market expert has predicted the XRP dominance to soar to a six-year peak, potentially pushing prices to new all-time highs.
The crypto market has stumbled in recent weeks, and XRP has not escaped the pressure. After climbing to $3.187 on Sept. 13, XRP yielded to the bears. It eventually broke below the $3 psychological mark on Sept. 21 and has struggled to find momentum since then.
Amid this decline, pseudonymous trader KriptoMessi has called attention to a bullish structure on the XRP dominance chart. Specifically, the analyst spotted a repeating pattern that could lead to a surge in XRP’s share of the total crypto market. He believes XRP dominance could climb to 6.19%, a level not seen in six years.
However, a rejection at point two ensured that the downtrend continued. By late June, dominance again rebounded and retested the descending trendline at point three when it reached 4.13%. After this, it then based out near 4.04% at point four.
Following this base, the XRP dominance broke above the first trendline in early July. Interestingly, the breakout led to a sharp upward push in early July, sending dominance to a peak of 5.53% on July 18, which coincided with XRP price rise to $3.6.
Meanwhile, the second occurrence came up in July and August. Specifically, the 5.53% top from July 18 represented the point one of the second occurrence. From here, XRP dominance entered another downtrend, forming a second descending trendline.
Dominance recovered in early August, revisiting the descending trendline at point two when it soared to 5.17%. It faced a rejection here and slipped again. However, another retest occurred when the XRP dominance recovered to 4.69% on Sept. 13 at point three.
A Potential Recovery to 6.19%
Again, a rejection followed, before dominance recently settled into a base near 4.54% at point four. Now that the XRP dominance has built another base at the second descending trendline, KryptoMessi believes the market has again built a platform for another upward move.
He expects a third occurrence to begin after this base. Following the consolidation at point four, XRP dominance could break free of the trendline and surge from the mid-4% region. The chart projects a run toward 6.19%, which would lock in the strongest dominance expansion for XRP in years.
Impact on XRP Price
Such a rally would have massive implications for XRP price. At the moment, the total crypto market cap sits at $3.78 trillion, while XRP holds a $170.51 billion valuation, giving it a 4.51% dominance share.
If dominance reaches 6.19% without any change in overall market size, XRP’s market cap would rise to $234 billion. That figure would only slightly surpass July’s peak of $217 billion when XRP price touched $3.66, leading to a price of $3.91.
Meanwhile, if the broader market recovers to its all-time high of $4.17 trillion from August, the impact becomes larger. At 6.19% dominance, XRP’s market cap would hit $258 billion, pushing its price to a new record of about $4.32.
