- Javon Marks predicts XRP could surge by 41,400%, reaching over $150, based on historical price trends and chart patterns.
- Analyst EGRAG highlights the $0.70 to $0.75 resistance level as crucial for XRP’s next price rally.
Prominent market analyst Javon Marks has made a bold prediction regarding the future of XRP. According to Marks, XRP could increase in value by a staggering 41,400% and go beyond the $150 mark. He made this prediction on X while pointing to XRP’s historical price trends.
XRP has passed through significant volatility since its launch. It soared to an all-time high of $3.3 in the 2017-2018 bull run. After reaching this peak, XRP was within a consolidation phase where it was marked by lower highs and lows but stable lows.
This period of consolidation has created a descending triangle pattern on the logarithmic chart. According to Marks, XRP is now set to break out of this formation.
Descending Triangle Formation Signals Potential Breakout
Marks pointed to two significant patterns in the chart: It has been trading within a descending triangle pattern that has defined XRP’s price for years, and a smaller symmetrical triangle inside it. The smaller symmetrical triangle shows that the price is confined within a narrow range, and a breakout is expected.
Recently, XRP approached the upper side of the descending triangle. This test shows that XRP is about to make a bullish breakout. If this breakout occurs, then it could lead to a large increase in price. Marks estimates that there is a potential for growth of over 41,400%, which could see XRP being traded at $150 or even more.
For XRP to reach such a high, the market must remain strong. The validity of Marks’s prediction is based on the assumption that there will be a complete logarithmic follow-through. This implies that when one analyses price action on a logarithmic basis, there seems to be an exponential increase trend.
Analyst Interprets Recent Price Dip as Strategic Bear Trap
Additionally, Crypto analyst EGRAG has pointed out a crucial resistance level for XRP, meaning a big price rise could be expected if this level is broken. The study also identifies what it calls the ‘Genuine Wake-Up Line’ at $0. 70 to $0. 75 as a price level that, if breached, is expected to precipitate a steep rise in XRP’s value.
#XRP GENUINE Wake-Up Line (UPDATE):
Yes, the “Atlas Line” was breached, but it was just a “Bear Trap”! Now, #XRP is within the $0.55-$0.58 range. A weekly closure in this range will pave the way to test $0.70-$0.75 – the GENUINE Wake-Up Line! 🔥
🚀 Short-Term Targets: 🚀
👉… https://t.co/yI8A9VI4dD pic.twitter.com/86NO2CgcSu— EGRAG CRYPTO (@egragcrypto) July 18, 2024
EGRAG’s analysis emphasizes the significance of the $0. 70 to $0. 75 resistance range. He said that overcoming this barrier can help to start a large price growth. This is evident from the historical data, which shows that the “Atlas Line” has prevented XRP from falling further down. Nevertheless, a recent market correction put XRP below this support level.
The analyst sees this as a bear trap, a manipulation that aims to make investors sell their assets during a fake decline. According to EGRAG, the weekly closing price should be within the current $0.55 to $0.58 range, which would position XRP for a retest of the Genuine Wake-Up Line.
This retest is crucial, as XRP previously encountered this resistance zone in March, resulting in a price rejection. A successful breakout this time could lead to a significant price increase.
According to EGRAG, in the short term, XRP shall target $1. 3 – $1. 5, then experience a slight pullback before embarking on the next rally. He is optimistic and advises the XRP community to be ready for possibly huge gains. His long-term projections utilize Fibonacci extension analysis, suggesting potential targets of $6.4 and a more ambitious $7.5. Achieving these targets depends heavily on overcoming the $0.70 to $0.75 resistance zone.
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