The cryptocurrency market has experienced significant turbulence in recent weeks, with XRP being one of the digital assets caught in the bearish crossfire. The token plummeted by almost 24% between April 11 and 13, reaching a low of $0.4188, its weakest point since May 2023. However, a brief recovery on April 14 offered a glimmer of hope.
Unfortunately, this uptick proved short-lived. XRP currently sits at $0.4903, an 18.57% decline over the past month. The token struggles to reclaim and hold the important $0.50 level, which would mark a shift from resistance to support.
Read Also: XRP Price in 2024: Most Significant Trendline To Watch
Top Analyst Unfazed by Dip
Despite XRP’s recent struggles, some analysts remain confident in its long-term prospects. Javon Marks (@JavonTM1), a prominent crypto analyst, recently presented an updated price analysis suggesting the current market downturn does not negate a prior bullish breakout for XRP.
For context, XRP had been trading below a downward trendline since its fall from its all-time high. A notable attempt to breach this trendline occurred in April 2021, with XRP surging to $1.96. However, this effort faced strong resistance, resulting in a failed breakout.
XRP attempted another breakout surpassed the downward trendline on July 13, reaching $0.93 and holding above it for a period. However, a correction in August 2023 saw the token retest the trendline.
With a Full Logarithmic Follow through, prices of $XRP (Ripple) may be more than poised for $200+.
Prices of Ripple went on an over +108,000% run in the 2017-2018 run and has since setup and broke out of its largest resisting structure EVER!
A mind-boggling, +33,030% run from… https://t.co/RWklG3ALh0 pic.twitter.com/r1Jie98X9s
— JAVON⚡️MARKS (@JavonTM1) April 5, 2024
XRP Maintains Position Above Crucial Trendline
Subsequent bearish pressure since last August hasn’t been strong enough to force a drop below this key technical indicator as XRP has remained above the trendline. The latest market crash can be seen as another test, and according to Javon Marks’ analysis, XRP has maintained its position above the trendline.
This observation fuels Javon’s belief in an impending significant rally for XRP. The analyst predicts this surge will trigger a staggering 61,052% increase in price, propelling XRP from its current position to a highly ambitious target of $288.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst: XRP To Reach $0.69 Upon Breaking out Above Critical Downward Trendline
Short-Term Resistance and Future Outlook
XRP faces immediate resistance at the Fibonacci 0.236 level of $0.4987. Overcoming this hurdle would allow XRP to breach the $0.50 barrier, potentially leading to a short-term price increase. However, a significant challenge remains in the form of the 50-day EMA (Exponential Moving Average) currently at $0.5865. Sustained trading above this level would be a more robust indicator of a bullish trend reversal.
Marks’ repeated predictions of $288 show his confidence in XRP’s future. While the short-term outlook for XRP is uncertain due to prevailing market conditions, the analyst’s belief in XRP’s potential has reinforced the confidence of many investors.
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