Renowned analyst Javon Marks has made a bold prediction for Ripple’s XRP, suggesting that the cryptocurrency is on the cusp of a major breakout. According to Marks, a small price increase of 3-4% from its current level could trigger a breakout from a consolidation pattern that has persisted for approximately 2,424 days. This potential breakout could ignite bullish momentum in XRP, reminiscent of the 2016-2017 period.
The symmetrical triangle pattern that XRP is currently forming is a key factor in this analysis. A break above the upper boundary of this pattern could propel the Ripple coin beyond the $200 mark.
Furthermore, recent discussions have highlighted the possibility of XRP outperforming Bitcoin and Ethereum, especially in light of news regarding Tether’s reserve shortages. A prominent researcher, citing a Bank of France article, has emphasized XRP’s technological superiority over Bitcoin and its lack of a bubble. These factors, combined with Marks’ prediction of a breakout, could fuel bullish sentiment towards XRP.
Supporting this bullish narrative, the most recent CryptoQuant data reveals a significant decline in whale activity. The Whale to Exchange Transaction metric has plummeted from 1,213 yesterday to 66 today, indicating a decrease in large-scale funds being transferred to exchanges. This suggests a lower probability of substantial dumps in the near future.
At the time of writing, XRP is trading at approximately $0.6106, with a 24-hour price increase of 1.85%. Its market capitalization currently stands at $34.30 billion.
Additionally, recent reports from CNF have highlighted two large XRP transfers from unknown wallets to the Bitso and Bitstamp exchanges, as detected by Whale Alert. Despite these significant transfers, XRP’s price has continued to rise, fueling further market speculation.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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