Crypto analyst Javon Marks has brought attention to key technical analyses that suggest a bullish breakout for XRP, with the potential for a 2,000% gain. This long-term forecast is heavily influenced by the ongoing legal case between Ripple and the SEC, as well as future developments within the XRP network.
With the broader crypto market indicating bullish signals, XRP appears poised to lead the way in the new wave. According to Javon Marks, a prominent crypto analyst, the altcoin is ready to achieve gains of 2,000%. Marks points to strong momentum in the Relative Strength Index (RSI) for XRP, indicating an imminent bullish breakout.
Over the past few years, XRP prices have been suppressed, largely due to the ongoing Ripple v. SEC case, which poses a threat to the innovative company behind the coin and the XRP Ledger (XRPL). The community, however, remains supportive and resilient in the face of these unprecedented legal proceedings, and a bullish breakout would be warmly welcomed.
Marks expresses his views on the X platform, noting that the RSI pattern reveals underlying momentum for XRP prices. Based on this pattern, the analyst is fairly confident that a bullish breakout is on the horizon. The highlighted RSI pattern indicates a weakening momentum as the price consolidates within a symmetrical triangle pattern on the chart. In the past, this pattern has been followed by significant price upswings. Marks suggests a conservative price target of $15 to $20.
He explains:
“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!”
Marks hints at a massive price surge, with potential returns reaching 20-36 times the current value, equating to a gain of over 2,000%. The long-term target is set at $19.82, implying a potential increase of nearly 2,900%.
At the time of writing, XRP is trading at $0.53, experiencing a 2% drop in the last 24 hours following a 7% surge in the past week. With a market cap of $1.5 billion, the altcoin ranks 7th and could potentially climb back into the top 3 coins if Marks’ prediction materializes.
The outcome of the Ripple v. SEC case will play a crucial role in determining whether such a rally occurs. After years of small victories for Ripple, legal experts believe the case is nearing its conclusion and are confident in a favorable outcome for Ripple. A recent development in the case is the SEC’s comprehensive rebuttal to Ripple’s request to seal certain financial documents, which has been highlighted as a pivotal moment.
Furthermore, advancements in the XRP Ledger will contribute to the value of XRP and ensure its long-term success. Other innovative technologies, such as the upcoming Ripple stablecoin and the CBDC platform, will drive adoption within the ecosystem and guarantee its success.
Marks is not the only analyst supporting a rally for XRP. Abdullah “Abs” Nassif, host of the popular cryptocurrency podcast “Good Morning Crypto,” has expressed unwavering support for XRP. He has outlined ten reasons to be bullish about XRP in a previous report.
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