Javon Marks has put forward a bold prediction for XRP, suggesting that it could reach an impressive price of $288 after breaking through its largest resistance level on the 18-day timeframe. Marks, an analyst, based his projection on historical data and current market conditions.
Marks initially analyzed XRP two months ago when it was experiencing bearish pressure. At that time, XRP had dropped from $0.5795 on February 16 to $0.5438. Despite this downturn, Marks emphasized that the 18-day chart showed a pattern of higher lows, indicating the potential for higher prices.
According to Marks, XRP experienced another significant breakout in late February, which further fueled his optimism. However, since that analysis, XRP has seen fluctuations without any substantial progress.
Nevertheless, Marks has revisited his analysis and remains confident in the imminent price surge, considering projections on a logarithmic scale. He has taken into account historical data to support his price projections.
To provide context, Marks highlighted a similar setup for XRP between late 2013 and early 2017. During this period, XRP faced price suppression due to a persistent downward trendline. However, after breaking above the downtrend in early 2017, XRP experienced a remarkable surge of 63,080% to reach an all-time high (ATH) of $3.31 in January 2018.
This setup has repeated itself, with XRP undergoing a similar downtrend from January 2018 to July 2023. Notably, XRP broke above the downward trendline when it reached $0.93 on July 13, 2023. However, it subsequently retraced to test the trendline.
After this retest, XRP has now pushed further above the downtrend, leading Marks to believe that it will replicate the previous upsurge. He claims that XRP has breached its largest resistance on the 18-day chart, signaling a potential rally.
Marks’ chart data suggests that XRP could increase by up to 61,000%, pushing its price to around $288. He also suggests that a 33,000% increase to $197 is highly possible and already in progress. However, these ambitious predictions have been met with skepticism from investors. Achieving a price of $288 would give XRP a market cap of $15.8 trillion, rivaling Gold, the largest asset by market cap. Despite this skepticism, some experts believe that XRP rising to $1,000 is feasible.
Currently, XRP is struggling to reclaim $1 and is trading at $0.5998, with a 2% increase over the last 24 hours. It has a trading volume of $873 million, despite a 7.99% drop.
Disclaimer: This article provides informational content and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.