Cryptocurrency analyst Javon Marks (@JavinTM1) has revisited his XRP price forecast, reiterating his belief in a significant price surge based on recent technical indicators. This revised analysis comes after XRP successfully breached a key resistance level on the 18-day chart, potentially mirroring a historical price pattern.
Marks’ initial XRP analysis, conducted in February during a bearish market period, highlighted a series of higher lows on the 18-day chart. This trend, he argued, suggested a potential reversal and future price increase despite the prevailing downward pressure.
Read Also: XRP Price Analysis: This Technical Analysis Shows Bullish Outlook and Key Levels To Watch
His optimism was bolstered by a subsequent breakout observed in late February. However, XRP’s price trajectory since then has been marked by volatility, with no sustained upward movement.
XRP and the Downtrend Line
Marks’ current analysis emphasizes a historical price pattern that could inform XRP’s future performance. Between late 2013 and early 2017, XRP’s price was constrained by a persistent downtrend line. A decisive break above this line in early 2017 preceded a staggering 63,080% surge, culminating in XRP reaching its all-time high in January 2018.
Marks identifies a similar setup unfolding. XRP experienced a downtrend lasting from January 2018 to July 2023. A potential turning point emerged in July 2023.
The digital asset briefly surpassed the downtrend line, reaching $0.93 after a Federal Judge ruled in favor of Ripple in the infamous XRP lawsuit. A subsequent price correction after the surge caused a retest of the line. However, XRP has broken above the line once again.
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
Read Also: Analyst Updates XRP Color Code Chart That Projects Price Rally To $1.4
A Potential Reversal and Price Surge
Marks interprets this latest resistance break as bullish signals, suggesting XRP might replicate its past performance. His analysis, presented on a logarithmic chart, projects a potential price increase of up to 61,000%. This surge would propel XRP to a price point of $288, a significant leap from its current trading price.
Marks’s revised XRP price target presents a bold scenario based on historical parallels. At a hypothetical price of $288, its market capitalization would reach an estimated $15.8 trillion, surpassing gold, the current leader in this metric.
While the projected surge to $288 might seem improbable to some investors, the recent resistance break offers hope for a potential price increase. A prominent figure also recently shared factors that could cause an XRP surge in the current bull run. However, an upswing hinges on XRP’s ability to overcome the current market resistance and sustain a clear upward trajectory.
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