Renowned crypto analyst Javon Marks has recently published a tweet suggesting that XRP, the cryptocurrency associated with Ripple, could see an unprecedented rise in value.
Marks’ technical analysis presents a bold prediction, asserting that XRP has broken out of a 6.69-year pennant pattern and could climb by over 30,000% from its current price. The tweet is accompanied by a chart, which illustrates how the price of the token could reach $200 under this scenario.
In his tweet, Marks stated, “$XRP is currently broken out of this ≈6.69 Year Pennant Pattern and with a hold of this current break + a Full Logarithmic Follow-Through afterwards, prices of XRP can reach up to $200 in an over 30,000% climb from here!”
Technical Breakdown
The chart attached to Marks’ tweet depicts a historical pattern known as a pennant, which indicates the continuation of the market’s existing trend. This pattern typically forms after a sharp price movement, followed by a consolidation period where price action tightens into a triangular shape. Once the price breaks out from the consolidation, a continuation of the prior trend is expected.
According to Marks, XRP has successfully broken out of a six-year pennant pattern, signaling the potential for significant upward movement. The logarithmic follow-through he mentions refers to a sustained exponential growth pattern, which, if followed, could push XRP’s value to $200. Marks’ analysis relies heavily on technical factors, including historical price movements, volume trends, and long-term chart patterns.
Broader Community Reaction
Marks’ prediction has triggered a wave of discussion within the broader XRP community, particularly given the ambitious nature of the forecast. This conversation follows a previous debate within the XRP community, sparked by a tweet from an XRP enthusiast named XRP Avengers. In a report from Times Tabloid, XRP Avengers suggested that XRP could one day reach $100, a target that also garnered mixed reactions.
In XRP Avengers’ tweet, it was noted that reaching $100 per token would result in a market capitalization of approximately $5.2 trillion, assuming the current circulating supply of 52 billion XRP tokens remains unchanged. XRP Avengers attached an image illustrating the market dynamics that would follow such a price, asking the community, “Can $XRP reach $100??”
The question was met with skepticism from some community members, including a user named David, who responded, “Possibly, and if so, based on the current rate of growth, it’s going to take years. Will it see 100 this bull run? Hell no. Next bull run? Hell, hell no.”
This skepticism highlights the differing opinions within the crypto community regarding XRP’s potential to achieve such lofty price targets. Many users remain doubtful, particularly given the challenges the digital asset has faced with regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC).
However, others point to Ripple’s ongoing partnerships with financial institutions and the increasing adoption of its payment solutions as indicators of future growth.
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Feasibility of $200 XRP
While Marks’s $200 prediction may seem overly ambitious to some, it’s important to consider the technical and fundamental factors supporting his argument. From a technical standpoint, the pennant breakout and logarithmic projection suggest the possibility of sustained upward momentum.
However, fundamental factors, such as Ripple’s legal battle with the SEC and the broader regulatory landscape, could play a critical role in determining the token’s future.
If XRP reach $200, its market capitalization would soar to unimaginable heights. Assuming the current supply of XRP remains constant, a $200 price tag would imply a market capitalization exceeding $10 trillion — a figure that would dwarf the total market capitalization of all cryptocurrencies combined.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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