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A prominent analyst shows XRP market cap replicating its 2017 run against the PHLX gold and silver index, with a potential 1,000% run looming. XRP has struggled over the past few weeks due to the broader market’s persistent turbulence. With prices tumbling from the $3 mark to just below the $2.6 region, XRP’s market cap has also collapsed from a high of $175 billion at the start of February to the current figure of $149 billion. The XRP/XAU Pair Interestingly, market analyst EGRAG, in his recent report, analyzed XRP’s market cap performance against the Philadelphia (PHLX) gold and silver sector index. For context, this index trades on the Philadelphia Stock Exchange and tracks the stocks of 30 precious metal mining firms. Notably, the Philadelphia gold and silver sector index trades with the ticker XAU, the same ticker for gold ounce, and this can be rather confusing for some traders. However, it is important to carefully note this. EGRAG’s chart shows the XRP/XAU pair, which essentially translates to XRP market cap against the index. The analyst pointed out that whenever the index (XAU) drops in dollar terms, the price of XRP against the index increases, and this has an effect on XRP price in dollar terms. XRP Bounces Off Equilibrium and 7-Month MA According to him, XRP price against XAU appears to have bounced above an equilibrium phase after a massive collapse that occurred this month. This collapse was due to XRP’s sudden price crash to $1.7 in what many have considered a strange market movement. XRPXAU 1M Chart | EGRAG Crypto This crash in XRP price led to a drop in the XRP/XAU pair to the equilibrium phase, and the subsequent recovery allowed XRP to bounce off this equilibrium. Moreover, these recent price movements also led to a similar drop…

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Filed under: News - @ February 16, 2025 4:11 pm