Javon Marks (@JavonTM1), a well-known market analyst, has recently highlighted a significant development in XRP’s price chart, pointing to a possible breakout after an extended consolidation phase.
According to Marks, XRP is approaching the end of a nearly seven-year period of price compression, which may lead to a substantial increase in its value.
XRP’s Extended Consolidation
Marks’ analysis draws attention to XRP’s prolonged consolidation, which began following its all-time high in January 2018. During this time, XRP has been trading within a wedge pattern, a common technical formation that often precedes major price movements.
Despite some major ups and downs, XRP remained within this technical formation, and Marks noted its resilience as it stayed above critical support levels. This resilience further supports a bullish outlook, especially as XRP approaches the apex of this wedge pattern.
Potential for Significant Price Surge
Drawing on historical data, Marks emphasizes that similar consolidation phases have historically led to significant price surges.
In his chart, Marks shows that between 2014 and late 2017, XRP underwent a comparable consolidation period, which culminated in a massive rally during the 2017/2018 bull market. This rally propelled the digital asset to its all-time high of $3.84.
Marks suggests that XRP may be on the verge of a similar breakout, particularly given the alignment of the pattern’s apex with the ongoing bullish sentiment in the market.
Potential Price Target of Over $200
Based on his analysis, Marks predicts that a bullish breakout from the wedge pattern could lead to a significant price increase for XRP. He expects XRP to undergo a full Logarithmic follow-through, potentially sending it to $263, a remarkable 42,000% higher than XRP’s price at the time of his prediction.
While this projection is ambitious, it is not without precedent. XRP’s previous price surge from 2017 to 2018 demonstrated the potential for rapid and substantial price appreciation with a rise of over 65,000%.
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Can XRP Surge 42,000%?
Ripple’s recent victory over the U.S. Securities and Exchange Commission (SEC) could significantly influence this price increase. This legal victory coincides with the apex of the wedge pattern, and the positive sentiment and legal clarity could help XRP climb to this lofty target.
XRP is trading at $0.6222, up 2.33% over the past 24 hours. XRP Hovered around $0.6 for most of the past 7 days but seems to have decisively risen above that level.
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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