Javon Marks (@JavonTM1), a prominent analyst on X, has shown XRP’s potential to outpace Bitcoin, projecting a remarkable 243% increase that could see its price rise to approximately $1.57, more than tripling its current value.
He highlighted a downward trendline on the XRP/BTC chart over 2 days. This trendline developed due to XRP’s decline against Bitcoin since July 2023. XRP had a 63% surge against BTC when its price climbed to $0.93 last July after a favorable ruling in the lawsuit with the U.S. Securities and Exchange Commission (SEC).
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However, a major correction began after the rally, and XRP has yet to recover fully. This downward trend has persisted due to the effects of this correction. XRP has experienced a decline of 70% against Bitcoin, witnessing the XRP/BTC ratio drop from 0.00002593 to its current level of 0.00000766 at the time of Marks’ analysis.
The Effects of the Current Market Downturn
The crypto market entered another major corrective phase in June 2024. The downturn has significantly impacted prices, with Bitcoin falling over 10%. However, Bitcoin still holds over 53% of the entire market share and continues to dictate the direction of the broader market.
Amid the current downturn, XRP has displayed more resilience than Bitcoin and the broader market. Another prominent analyst recently spotted this resilience, predicting a surge to $20.
However, traders often raise concerns about XRP’s inability to gain value when other assets surge. Marks suggests this trend could soon reverse, predicting a substantial rally for XRP.
Marks’ analysis also confirms XRP’s breach of the trendline. Due to current market conditions, XRP has surged relative to Bitcoin and is holding strong against the market’s downward forces.
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An Impending XRP Surge
Marks believes the breach of the descending trendline can trigger a 243% surge in XRP’s value relative to Bitcoin. He shows that this would propel XRP to 0.00001966 relative to Bitcoin.
Marks’ analysis also shows that this 243% surge relative to Bitcoin could send XRP up by as much as 3.3x. XRP is trading at $0.4738, and a 3.3x increase will send the digital asset to $1.56. A prominent analyst recently set the $1.5 target for XRP, expecting it to reach that target in July. Marks’ prediction reinforces this target, and XRP could begin the climb in the next few weeks.
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. Times Tabloid is not responsible for any financial losses.
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