XRP is currently showing recovery signs with the broader market after a dip earlier this week. While mirroring Bitcoin’s bullish trend, prominent crypto analyst Javon Marks (JavonTM1) suggests XRP might be on the verge of a significant price increase, outlining two potential scenarios.
XRP’s Recovery Trajectory
On May 4, 2024, XRP reached an intraday high of $0.5362, reflecting an increase of almost 12% from its weekly low of $0.4802. This upswing comes after Bitcoin’s price surpassed the $63,000 mark, indicating a positive correlation between the two digital assets.
Read Also: Analyst Foresees 61,052% XRP Price Rally To $288, Citing Historical Pattern
Marks predicts an imminent surge for XRP. His first scenario suggests a price target of $1.5 based on technical indicators like rising trading volumes on shorter timeframes and bullish divergences.
Another analyst is confident XRP can reach $1.2 to $1.5, and these indicators point towards a potential increase in buying pressure and positive momentum within the XRP market. This would represent a significant increase of approximately 181.4% from XRP’s current price of $0.533.
The Triangle Pattern and Potential for Larger Gains
Marks’ analysis hinges on a triangle on the chart. This pattern signifies a consolidation phase where the price of an asset fluctuates within a narrowing range.
The analyst highlights a six-year-long triangle for XRP, suggesting a potentially larger price movement compared to the breakout witnessed between 2014 and 2017. Back then, a breakout from a similar consolidation phase was followed by a remarkable surge, propelling XRP’s price from $0.0056 to $3.84 within twelve months.
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A Daring Target
Marks’ second scenario presents a more audacious prediction. If XRP breaks out from the current triangle pattern and follows a specific logarithmic trajectory, the analyst proposes a target price of $200. This translates to a staggering increase of over 34,000%.
Read Also: XRP to $288? Analyst Makes Compelling Historical References
This ambitious target draws inspiration from XRP’s historical performance following the 2017/2018 breakout. Marks asserts that technical data supports the possibility of such a surge. However, this scenario represents a highly optimistic outcome.
While the broader cryptocurrency market recovers, XRP appears to be on the cusp of a potential price increase. Marks’ analysis provides data-driven scenarios, offering investors a clearer picture of XRP’s possible trajectory. However, with the SEC seemingly gaining ground in the XRP lawsuit, reaching such ambitious targets might be hard for XRP.
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