Recently, the cryptocurrency market has seen a lot of uncertainty, which has led to a significant decline in the value of several major coins such as XRP. Still, renowned analyst and cryptocurrency enthusiast Javon Marks makes a bold prediction predicted a significant rally in XRP prices, setting a price target for the digital asset at $20 after another major move amid bearish market sentiment.
Marx’s projection provides the intriguing perspective that despite the current market downturn, the coin could be poised for a potential significant rebound once market conditions normalize.
XRP is seeing a massive rally to unprecedented heights
Javon Marks’ analysis examines the recent price action of XRP through a pattern he calls the Coil pattern. This bullish forecast was made at a time of uncertainty and regulatory pressure are plaguing cryptocurrency assets.
According to the expert, the digital asset shows almost all positive indicators indicating significant value bullish breakouts, maintaining the Coil formation while the formation is still at support.
It is worth noting that a coil pattern can take place when prices vary within a certain range and end up behaving like spring price action. Enough pressure on this spring can cause the price to shift or push, much like a spring contracts and blows.
Additionally, these patterns can be seen as a continuation of an uptrend and are also subject to falling volume, which can facilitate verify it. With the end of the previous XRP price action and patternA point of convergence is approaching as tensions build, Javon Marks has previously highlighted that these assets may be preparing to trigger a keen move higher.
The analyst noted that prices were moving within a range, usually narrowing within these coin formations, heading towards the point of convergence that XRP has shown and continues to show. So, when falling volume and this price action are combined, Javon Marks is confident that the previously massive rally in the value of crypto assets can be recharged. As a result, the expert predicts a price target of $20 or even higher based on full logarithmic analysis.
At the time of writing, the asset has fallen to $0.498, down 0.10% over the past day. Although trading volume increased by over 111%, market capitalization slightly decreased by 0.12%.
Augment in weekly fund inflows
XRP may be showing a bearish move, but weekly inflows into the asset have seen a significant enhance, according to CoinShares. Data from the platform shows that XRP-based investments have seen an inflow of approximately $1.1 million over the past week, suggesting growing investor interest and confidence.
Last month, the asset garnered a total inflow of $2.2 million, while last year it raised a whopping $17 million, surpassing other major coins such as Cardano and Binance.
Featured image from Adobe Stock, chart from Tradingview.com
