- Technical analysis suggests XRP is on the verge of a breakout, with target prices between $15 and $20.
- Analyst Javon Marks highlights strong RSI momentum and a symmetrical triangle pattern on the chart.
XRP, the native token of RippleNet, could be on the cusp of a significant price surge, according to financial analyst Javon Marks. Marks, citing a robust Relative Strength Index (RSI) pattern, predicts a potential bullish breakout for XRP in the near future.
Technical Indicators Point to Breakout
Marks’ analysis focuses on the XRP/USD trading chart, where a key technical indicator, the RSI, has been forming a series of lower highs and higher lows. This descending trendline in the RSI suggests underlying buying pressure despite price consolidation within a symmetrical triangle pattern.
Historically, symmetrical triangles often precede a significant price movement, either upwards or downwards. In this case, the RSI pattern leans towards a potential bullish breakout. Should this occur, Marks projects a conservative target price range of $15–$20 for XRP.
Potential 20-36x Returns on the Horizon
This projected price surge represents a substantial increase, potentially yielding returns between 20 and 36 times the current value, exceeding a staggering 2,000% gain. The long-term target suggested by the chart is approximately $19.82, reflecting a potential 2905% increase from current levels.
Echoes of the 2018 Surge
Interestingly, Marks’ analysis draws a parallel between the current technical setup and Ripple’s (XRP’s) price movement in early 2018. Back then, XRP experienced a dramatic spike, reaching a high of approximately $3.84, a staggering 2907% increase from its previous lows. This historical price movement adds weight to the possibility of a similar breakout in the near future.
Ambitious Long-Term Vision
While the $15-$20 target offers a conservative outlook, Marks has ventured even further with a long-term price prediction of $200 for XRP. This translates to a potential 37,635% increase from the current price, drawing inspiration from XRP’s phenomenal 75,000% surge in 2017 and 2018.
However, there are contrasting viewpoints to consider. The cryptocurrency market remains volatile, and external factors can significantly impact XRP’s price trajectory. Additionally, the ongoing legal battle between Ripple and the SEC casts some uncertainty over the token’s future. A resolution in Ripple’s favor could propel Ripple’s (XRP’s) price, but an unfavorable outcome could dampen investor sentiment.