- Prominent crypto analyst Javon Marks has highlighted key technical analyses that point to an XRP bullish breakout with a potential 2,000% gain.
- This speculative long-term forecast will be heavily influenced by the ongoing Ripple v. SEC case and future network developments.
With the wider crypto market flashing signaling bullish indicators, XRP looks poised to lead the new wave. According to prominent crypto analyst Javon Marks, the altcoin is ready to post 2,000% gains. The analyst highlights strong RSI momentum in XRP that points to an imminent bullish breakout.
For the past couple of years, XRP prices have been suppressed. This is largely due to the ongoing Ripple v. SEC case that continues to threaten the innovative company behind the coin and the XRP Ledger (XRPL). A bullish breakout would be highly welcomed by the community which continues to show its support and prove resilient amidst unprecedented legal proceedings.
Expressing his views on the X platform, Marks noted that the RSI pattern shows underlying momentum for XRP prices. The analyst is fairly confident of a bullish breakout in the near future based on this pattern. The highlighted RSI pattern suggests a weakening momentum as the price consolidates within the symmetrical triangle pattern on the chart. In the past, the emergence of this pattern has been preceded by significant price upswing. In his post, the analyst provides a conservative $15 to $20 price target.
He notes:
A conservative target for a breakout and logarithmic follow-through here could be $15-$20, which could result in a 20X-36X from here in a more than 2,000% run!
The analyst hints at a massive price explosion, with returns potentially reaching 20-36x current value, exceeding a 2,000% gain. The long-term target sits at $19.82, implying a potential increase of nearly 2,900%.
At the time of writing, XRP is trading for $0.53 after a 2% drop in the last 24 hours. This is a reversal after a 7% surge in the last 7 days. with a $1.5 billion market cap, the 7th-ranked altcoin is poised to climb back to the top 3 ranked coins, if Mark’s prediction is to come to fruition.
Such a rally would be dependent on the outcome of the Ripple v. SEC case. After years of minor victories for Ripple, legal experts note that the case is approaching a conclusion and are confident of a Ripple win. In a recent development highlighted by CNF, the case has reached a pivotal moment. On May 20, 2024, the SEC filed a comprehensive rebuttal to Ripple’s request to seal certain financial documents.
Additionally, developments around the XRP Ledger will further 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 for the ecosystem and ensure success.
Mark is not the only analyst backing XRP to rally. Abdullah “Abs” Nassif, host of the renowned cryptocurrency podcast “Good Morning Crypto,” has voiced his unwavering support for XRP. As covered by CNF, the analyst highlighted ten reasons to be bullish about XRP.