Cryptocurrency

XRP to $200? Top Analyst Presents Two Compelling Scenarios

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.

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 Analyst Makes Compelling Historical References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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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

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