Renowned cryptocurrency analyst Javon Marks has expressed his support for XRP, predicting that it will surge from its current price of $0.51 to reach an all-time high of $200.
Marks’ hypothesis is based on a careful analysis of various technical indicators, as the token faces challenges in maintaining its position above a critical support level.
Considering the significant interest of XRP investors in the ongoing Ripple v. SEC case, Marks speculates that key technical indicators could present a bullish outlook for the altcoin. He emphasizes that these indicators offer the potential for XRP investors to achieve a remarkable return of 360 times their investment.
Discussing his perspective on the X platform, Marks highlights that the price of XRP is gradually approaching a potential breakout point, indicated by the Pennant/Coil pattern. This pattern is further supported by a bullish divergence between the Relative Strength Index (RSI) and the price, suggesting underlying strength despite recent fluctuations. If Marks’ prediction is accurate, XRP could experience a significant rally to reach $200.
Marks elaborates on his analysis, stating, “This pattern, known as the Hidden Bull, can also signify the continuation of the preceding trend, which in this case has been a massive one, considering that XRP prices have surged by over 110,000%.” He believes that a bullish breakout, combined with this divergence, could trigger another monumental surge, potentially resulting in an upside of approximately 36,000% and pushing the price to the $200s.
The analyst further highlights XRP’s impressive historical performance, with gains surpassing 1110 times its initial value. This suggests that the projected breakout and a 360-fold increase are realistic possibilities, which could ultimately lead to an $11 trillion market capitalization. Consequently, XRP could potentially become the largest cryptocurrency, rivaling tech giants like Microsoft (MSFT), Apple (AAPL), and Nvidia (NVDA).
However, the outcome of the Ripple v. SEC case, which is nearing its conclusion, has the potential to either trigger or disrupt this underlying bullish momentum. Recently, Ripple Labs launched a strong legal defense against the SEC’s claims, directly challenging two key arguments put forth by the regulatory body.
Additionally, other significant developments within the Ripple ecosystem and XRP Ledger could play a crucial role in the adoption and growth of XRP. Alongside the launch of a Central Bank Digital Currency (CBDC) platform and the anticipated release of a stablecoin, Ripple is gearing up to compete with Chainlink by introducing its own Oracles.
In a recent announcement, the company outlined its ambitious vision and roadmap for institutional Decentralized Finance (DeFi) on the XRP Ledger. This includes several groundbreaking innovations like Automated Market Makers, Decentralized Identifiers, Oracles, Multi-Purpose Tokens, and a native Lending Protocol, all of which have the potential to redefine the DeFi landscape.
As of writing, XRP is trading at $0.52, having experienced a 2% rally in the past 24 hours. However, it has also seen a decline of 3% over the past week.
Despite the struggle to break out from its current level, indicators like the RSI (46.6) and CCI (-36) suggest that XRP is not oversold, indicating the possibility of further growth in the ongoing bull run.