Javon Marks (@JavonTM1), a prominent crypto analyst on X, recently identified a technical indicator suggesting a potential surge for XRP, with a price target with many investors raising eyebrows.
Marks’ analysis hinges on a technical indicator known as a hidden bull divergence. This pattern emerges when an asset’s price creates higher lows, while a momentum indicator, like the Relative Strength Index (RSI), displays lower lows. This seemingly contradictory behavior suggests that the underlying bullish momentum might still be robust despite a price dip.
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Both XRP’s price and RSI have confirmed the presence of this hidden bull divergence on the 18-day chart. Interestingly, XRP has recorded higher lows since 2020, while its RSI has dipped to lower lows since 2016. This pattern, coupled with XRP recently reaching the lowest RSI in history, signifies potential underlying strength within the ongoing uptrend for XRP.
Foreshadowing a Breakout
Beyond the hidden bull divergence, Marks observes XRP nearing the convergence point of a Pennant or Coil Pattern. This technical formation often precedes a price breakout, characterized by converging trend lines and continuing the prior trend.
XRP’s large multi-year Pennant structure began forming after it fell from its all-time high in January 2018. Considering XRP’s recent price movements, this pattern’s emergence at this critical juncture could signal a significant bullish breakout.
Historical Performance and an Astonishing Target
Marks strengthens his argument by referencing XRP’s historical performance. He highlights a previous instance where XRP experienced a phenomenal surge of over 110,000%, showcasing its potential for explosive growth. This historical precedent adds credibility to the notion that XRP can experience significant price increases.
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Read Also: Top Analyst Stays Optimistic About XRP Price Surge Prospect. Here’s why
Marks’ price projection for XRP is eye-catching. He anticipates a surge exceeding 36,000% if a breakout occurs as predicted, potentially propelling the price toward the $200 range. A $200 price tag would translate to a market valuation of $11 trillion, exceeding the combined market cap of the entire crypto market and prominent tech giants like Microsoft, and Apple.
This has caused some skepticism, but Marks is confident that XRP can reach this target based on its past performance. Marks offered a similar $200 prediction in the past and is showing his confidence by reiterating this target. This highly ambitious target will send XRP up by over 38,300% from its current price of $0.5196, and many in the community are excited by this prospect.
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