Cryptocurrency analyst Javon Marks (@JavinTM1) is doubling down on his prediction for a significant XRP price increase. This renewed optimism follows XRP’s recent breach of a key resistance level, hinting at a historical price pattern repeating itself.
Marks initially noted a series of “higher lows” on XRP’s 18-day chart back in February, even during a bearish market. This trend, he argued, suggested a potential reversal despite the prevailing downward pressure. His confidence was bolstered by a subsequent breakout observed in late February. However, XRP’s price movement since then has been volatile, lacking a sustained upward trend.
Read Also: Shiba Inu Collaborates with CDSA, SHIB Burn Rate
Echoes of the Past: Breaking the Downtrend Line
Marks’ current analysis hinges on a historical price pattern that could shape XRP’s future. Between late 2013 and early 2017, XRP’s price was confined by a stubborn downtrend line. A decisive break above this line in early 2017 preceded a staggering 63,080% surge, propelling XRP to its all-time high in January 2018.
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
Marks observes a similar setup emerging. XRP was stuck in a downtrend from January 2018 to July 2023. A potential turning point arrived in July 2023 when a favourable ruling for Ripple in the XRP lawsuit briefly pushed the digital asset above the downtrend line to $0.93. While a correction followed, a recent break above the line has rekindled optimism.
A Bold Prediction: Soaring to New Heights?
Marks interprets this latest resistance break as a bullish signal, suggesting XRP might replicate its past performance. His analysis, based on a logarithmic chart, projects a potential price increase of up to 61,000%. This would propel XRP to a staggering $288, a significant leap from its current trading price.
Read Also: Terra Luna Classic Eyes Dedicated Dev Team, Community Decides Roles
This revised price target by Marks is a bold scenario based on historical parallels. At a hypothetical price of $288, XRP’s market capitalization would reach an estimated $15.8 trillion, surpassing even gold, the current leader in this metric.
While some investors might find a surge to $288 improbable, the recent resistance break offers a glimmer of hope for a potential price increase. However, for a sustainable upswing, XRP needs to overcome current market resistance and establish a clear upward trajectory.