Monday, April 22, 2024
HomeCryptocurrencyAnalyst Foresees 61,052% XRP Price Rally To $288, Citing Historical Pattern

Analyst Foresees 61,052% XRP Price Rally To $288, Citing Historical Pattern

XRP has faced challenges in recovering its all-time high of $3.84 since January 2018, and it has consistently traded below the $1 mark since December 2021. Despite the poor performance, Javon Marks (@JavonTM1), a prominent market analyst, believes a substantial price surge is on the horizon.

Marks’ recent prediction suggests that XRP’s upcoming surge could send it as high as $288.8. This projection is based on a historical price pattern observed in 2017 and 2018.

Whale Alert

Read Also: Chartist: XRP To Witness a Jay-Dropping Rally to $6.57 in Seven Days. Here Are the Charts

His analysis hinges on a historical pattern that preceded XRP’s previous surge to its aforementioned all-time high. During that period, the cryptocurrency followed a bearish descending trendline after a high of $0.0614 in December 2013.

For over four years, XRP remained trapped beneath this downtrend, attempting to break free on two separate occasions but failing due to bearish pressure. However, a successful breakout finally occurred in March 2017, followed by a staggering surge of over 60,000%.

Marks’ analysis points to a similar pattern unfolding, suggesting a potential repeat of the 2017 scenario. Notably, XRP formed another descending trendline after it fell from its all-time high and continued trading below it until a recent breakout.

Similarities to the 2017 Rally

Similar to another analyst who drew parallels to XRP’s 2017/2018 price movements, Marks identified several key similarities between the current price movements and the 2017 trend that led to the significant price increase. Using the 18-day chart, he highlighted the most prominent factor: the recent breakout from the downtrend, indicating a shift in market sentiment with bulls gaining control.

Another similarity is the two previous unsuccessful attempts to breach the downtrend, mirroring the pattern observed before the 2017 breakout. These failed attempts highlight the initial resistance from bearish forces, eventually overcome with the third push that led to the successful breakout in March 2017.

Furthermore, Marks noted the formation of higher lows on his chart despite XRP trading below the trendline. This is another similarity to the 2017 cycle, suggesting a gradual weakening of the downtrend despite the asset remaining below the resistance line.

Read Also: Cardano (ADA) Adds Over 70,000 New Wallets within a Month Despite Market Volatility


Marks’ Ambitious Target

Based on the observed similarities and the recent breakout, Marks predicts a surge in XRP’s price, mirroring the magnitude of the 2017-2018 rally. This translates to a projected increase of 61,052%, potentially propelling the price to a staggering $288.8.

Despite his lofty target, more ambitious predictions have been making the rounds, as a prominent crypto exchange recently set the timeline for XRP to reach $676.59.

Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Latest News & Articles