XRP May Reach $288 After Breaking Resistance Level, Analyst Claims
Javon Marks, an analyst, suggests that XRP could potentially reach an audacious price of $288 after successfully breaching its largest resistance level on the 18-day timeframe. Marks based his analysis on current market conditions and historical data.
Marks initially made this prediction two months ago when XRP was facing bearish pressure. During that time, XRP had dropped from a high of $0.5795 on February 16 to $0.5438. Despite the downturn, Marks highlighted that the 18-day chart showed a series of higher lows, indicating the possibility of a price surge.
Since then, XRP has experienced several ups and downs without any significant progress. However, Marks revisited his analysis and reaffirmed his confidence in the imminent price surge. This time, he considered projections on a logarithmic scale, using insights from historical data.
To provide context, Marks compared the current setup of XRP to a similar period from late 2013 to early 2017. During that time, XRP faced price suppression due to a persistent downward trendline. However, after breaking above the trendline in early 2017, XRP witnessed an impressive surge of 63,080%, reaching an all-time high of $3.31 in January 2018.
The market has now witnessed a repetition of this setup, with XRP experiencing a similar downtrend from January 2018 to July 2023. Notably, XRP broke above the downtrend when it rallied to $0.93 on July 13, 2023. Although it retested the trendline during a correction, XRP has now pushed further above it, leading Marks to believe that a rally is imminent.
Marks’s chart data suggests that XRP could potentially increase by up to 61,000%, pushing its price to the $288 territory. He also claims that a 33,000% increase to $197 is more than possible and already in progress. However, some investors dismiss these predictions as overly ambitious. At a price of $288, XRP’s market cap would rival that of Gold, the largest asset by market cap, standing at $15.8 trillion. Nevertheless, some experts believe that XRP rising to $1,000 is also a possibility.
Currently, XRP is struggling to reclaim $1 and is trading at $0.5998 with a 2% increase over the last 24 hours. Despite a 7.99% drop, XRP maintains a volume of $873 million over the same period.
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.