Renowned crypto analyst Javon Marks has drawn attention to key technical analyses indicating an impending bullish breakout for XRP, with the potential for a staggering 2,000% gain.
This speculative long-term forecast will be heavily influenced by both the ongoing legal battle between Ripple and the SEC, as well as future developments within the XRP network.
With the wider crypto market displaying bullish indicators, XRP appears to be poised to lead the next wave. According to Javon Marks, a prominent crypto analyst, this altcoin is ready to achieve gains of up to 2,000%. Marks highlights the strong momentum of the Relative Strength Index (RSI) in XRP, which indicates an imminent bullish breakout.
Over the past few years, XRP prices have been suppressed, largely due to the ongoing Ripple v. SEC case. This legal dispute poses a threat to the innovative company behind the coin and the XRP Ledger (XRPL). A bullish breakout would be warmly welcomed by the community, which has shown unwavering support and resilience throughout these unprecedented legal proceedings.
Expressing his views on the XRP platform, Marks notes that the RSI pattern indicates underlying momentum for XRP prices. Based on this pattern, the analyst is fairly confident that a bullish breakout is on the horizon. The highlighted RSI pattern suggests a weakening momentum as the price consolidates within a symmetrical triangle pattern on the chart. Historical data indicates that the emergence of this pattern has been followed by significant price upswings. In his post, the analyst sets a conservative price target of $15 to $20.
Marks states:
“A conservative target for a breakout and subsequent logarithmic follow-through could be $15-$20, resulting in a 20X-36X increase from the current price, amounting to a gain of over 2,000%!”
The analyst hints at a massive price explosion, with potential returns reaching 20-36 times the current value, resulting in a gain of over 2,000%. The long-term target is set at $19.82, implying a potential increase of nearly 2,900%.
At the time of writing, XRP is trading at $0.53, experiencing a 2% decrease in the last 24 hours. This comes after a 7% surge in the past week. With a market capitalization of $1.5 billion, this altcoin, currently ranked 7th, has the potential to climb back into the top 3 if Marks’ prediction comes to fruition.
However, the realization of such a rally heavily depends on the outcome of the Ripple v. SEC case. After years of minor victories for Ripple, legal experts believe that the case is nearing its conclusion and are confident in a favorable outcome for Ripple. In a recent development highlighted by CNF, the case has reached a pivotal moment, with the SEC filing a comprehensive rebuttal to Ripple’s request to seal certain financial documents on May 20, 2024.
Furthermore, developments within the XRP Ledger will continue to drive value into XRP, ensuring its long-term success. Other innovative technologies, such as the upcoming Ripple stablecoin and its CBDC platform, will drive adoption within the ecosystem and contribute to its success.
Marks is not the only analyst who supports XRP’s rally. Abdullah “Abs” Nassif, host of the well-known cryptocurrency podcast “Good Morning Crypto,” has also expressed unwavering support for XRP. As previously reported by CNF, Nassif highlighted ten reasons to be bullish about XRP.
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