Cryptocurrency Analyst Javon Marks has long believed in the potential of XRP, even though destitute crypto token performance since the beginning of the year. The analyst has once again presented a bullish narrative for XRP, predicting that a massive rally is on the horizon.
XRP could rise $15-$20 after major breakout
Characters listed in X (formerly Twitter) fasting that XRP rising to between $15 and $20 could be in play after the inevitable breakout symmetrical triangle marked on his chart. The analyst noted that these breakout price targets were his conservative targets without the “entire full Logarithmic Hold.”
Interestingly, the analyst claimed that based on historical data, a full logarithmic follow-through strategy could result in an escalate in the price of XRP of over 39,000%, with crypto token rises to $200The analyst believes that such a price rally is indeed possible for the cryptocurrency, noting that crypto token has done this before.
Marks also provided further technical analysis of XRP price indicators and explained why he believes a rally is imminent. He claimed that the already confirmed Hidden Bullish Divergence, as well as the way “prices are shaping up” and the high volume, suggest that “something really huge could be coming.”
He also stated that the symmetrical triangle with decreasing volume on the crypto token’s chart can be considered a “coil pattern” that could suggest a continuation of the previous uptrend. The crypto analyst noted that the previous uptrend led to a 110,000% price move in XRP, meaning the continuation “could be extreme.”
Meanwhile, Marks also presented the RSI (Momentum Oscillator) and trend line, which shows already established lower lows. The analyst claimed that hidden bullish divergence confirmed as RSI established lower lows and prices formed higher lows.
He said that means a reversal to $1.44 could be in the cards. Marks believes that bullish reversal could support continue the previous uptrend as XRP could finally break out of the symmetrical triangle and pennant.
Price to repeat historic 2017 rally
Cryptocurrency Analyst Mikybull Crypto stated that XRP could repeat its massive 2017 rally given the current price action path the crypto token is following. 2017 was a historic year as the crypto token saw 61,000% price movement in 280 days. The cryptocurrency analyst predicts that the altcoin could rise above $4 if a similar price move occurs.
Mikybull Crypto stated that he believes such a scenario could happen because attitude around XRP is grim. Cryptocurrency analyst Doctor Magic also agreed with Mikybull Crypto and he stated that XRP gives a 2017 vibe. He added that monthly variability is at an all-time low for XRP and noted that the altcoin’s breakout will be “violent” when it happens.
Featured image created with Dall.E, chart from Tradingview.com
