XRP has been trading slightly above the $0.50 price level after experiencing a significant price decline that wiped out most of its recent gains. Despite a brief rally last month that saw XRP break through the $0.60 price level, the surge was short-lived, lasting only a few days. However, crypto analyst Javon Marks has pointed out bullish divergence patterns in the market, indicating the potential for another breakout and a possible recovery to new all-time highs.
Javon Marks recently shared a technical analysis of XRP on social media, offering very bullish price prediction targets for the cryptocurrency. He mentioned a bullish rally that took XRP from $0.4321 to $0.6534 in July, breaking out of a multi-year descending triangle pattern that has been forming since XRP’s all-time high of $3.4 in 2018. Marks highlighted a correlation between the price action and the Relative Strength Index (RSI), suggesting a successful bullish breakout could be imminent.
According to Marks, a successful breakout could push XRP’s price to a range between $15 and $18 on the conservative end. A more intense rally could see XRP surpass the $100 price level, with a final target of $260 representing a 41,780% increase from the current price level. While rallies of this magnitude have been seen in the cryptocurrency industry before, achieving such growth may be more challenging now that XRP is one of the largest cryptocurrencies by market cap.
Although a 40,000% surge like the one seen in 2017 may be harder to come by now, a sustained rally for XRP in the near future is still plausible. Overtaking Bitcoin in terms of market cap with a lone rally of that magnitude may be unlikely, but the potential for growth in XRP remains. As of the current writing, XRP is trading at $0.5162 and has seen a 3% increase in the past 24 hours.
While the prospects for XRP are exciting, it is important to approach these predictions with caution. The cryptocurrency market is volatile, and price movements can be unpredictable. While Javon Marks’ analysis suggests a potential breakout and significant price surge for XRP, it is essential for investors to conduct their research and consider the risks involved. As always, diversification and risk management are key factors in navigating the cryptocurrency market.