Could XRP be on the verge of an explosive price surge? An analyst believes so, citing a historical pattern that has played out before.
Stuck Below $1, But Hopeful for the Future:
XRP, the native token of Ripple, has been trading below the $1 mark since December 2021, falling significantly from its all-time high of $3.3 reached in January 2018. However, internet personality and crypto analyst Javon Marks believes the tide could be turning for XRP.
Marks recently pointed out a striking resemblance between the current price chart of XRP and its pattern leading up to the 2018 all-time high. In 2013, XRP spent several years trapped under a bearish trendline, attempting to break free twice before finally succeeding in March 2017. This breakout preceded a staggering 63,080% surge that propelled XRP to its record price.
Deja Vu All Over Again? According to Marks’ analysis, the same pattern seems to be repeating itself. After falling from its all-time high, XRP remained trapped in another downtrend until recently. Just like in 2017, it made two unsuccessful attempts to break free before finally achieving a breakout in February 2024.
Marks highlights several bullish indicators that mirror the 2017 trend. The recent breakout from the downtrend signifies growing buying pressure, and the presence of two prior failed breakout attempts suggests a potential for a stronger upward move this time around. Additionally, the formation of higher lows on the 18-day chart, even while trading below the downtrend, indicates a weakening of the bearish pressure.
Ambitious Price Target:
Based on the similarities with the 2017 scenario, Marks projects a similar rally for XRP, translating to a staggering 61,052% increase and a price target of $288. While this is an exceptionally high prediction, it aligns with other bullish forecasts. Market analyst EGRAG previously predicted a 50,000% surge to $200 in July 2023, also based on the 2017 pattern.
The Future of XRP: Whether XRP will follow the historical pattern and reach the lofty price target of $288 remains to be seen. However, the recent breakout and the emergence of bullish indicators suggest a potential for significant growth in the coming months. As always, investors should conduct their own research and exercise caution before making any investment decisions.
Also Read: XRP to Moon? 4,137% Price Surge Possible if Daily Inflows Mirror Bitcoin ETF Success
Market Overview
At the time of writing on February 26, 2024, the global cryptocurrency market capitalization sits at $29.48 billion, representing a slight decrease of 1.18% over the past day. XRP, currently ranked 7th by market cap, is trading at $0.5397 with a 24-hour trading volume of $626.02 million. It has experienced a minor decline of 1.20% in the last 24 hours and has a circulating supply of 54.59 billion XRP coins, with a maximum supply of 100 billion XRP coins.
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