- Since 2022, XRP has confirmed multiple Hidden Bull Divergences, signaling a potential bullish breakout from a pennant pattern.
- A bull breakout could result in XRP surging over 450%, reaching $3.3+, with further growth potential.
Well-known crypto analyst Javon Marks has examined XRP and highlighted a bullish trend developing there. Marks claims that the token has validated several Hidden Bull Divergences since 2022, thereby indicating possible increasing momentum.
Since 2022, $XRP has confirmed multiple Hidden Bull Divergences and only time is looking to be in the way of a bull breakout from the pictured pennant pattern!
A bull break can lead into a >5.4X in an over 450% run back to the $3.3+ levels, but that may only be a start 👀 https://t.co/4XS2uQuRtL pic.twitter.com/W6B7jqbw40
— JAVON⚡️MARKS (@JavonTM1) October 6, 2024
Potential Bullish Breakout Could Be Just the Beginning for XRP
He points out that a pennant pattern is the technical configuration that most interests him, and only time seems to be postponing a positive breakout.
Should this breakout occur, XRP may rise to above $3.3 as the price may climb more than 5.4x. Marks, however, thinks that this action might simply signal the start of a more significant upward journey for the digital asset.
In line with this perspective, CNF earlier highlighted another analyst who, based on long-term trends, projected XRP might hit $10 by the end of 2024. Strong technical signs indicate a good state of the market for XRP holders, which underlines these positive sentiments.
Conversely, geopolitical events might also be relevant for XRP’s possible expansion. As we previously noted, Russia is suggested to introduce its digital currency next year as it keeps diversifying its payment systems in response to Western sanctions.
The Bank of Russia has indicated that XRP could be among the main technologies they depend on for cross-border payments, therefore adding still another layer of positive momentum for the coin. Investors should give this great thought since XRP keeps proving its place in the changing global financial scene.
Not all recent XRP news, meanwhile, is encouraging. the token is trading at about $0.5304 as of writing, down 2.05% over the last 24 hours. The decline has dragged market cap down to less than $30 billion.
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