Crypto analyst Javon Marks has remained a long-term believer in the XRP potential despite the crypto token’s underperformance since the start of the year. The analyst has again provided a bullish narrative for XRP, predicting that a massive rally is on the horizon.
XRP Could Be Rise Between $15 and $20 Following Major Breakout
Marks mentioned in an X (formerly Twitter) post that XRP rising to between $15 and $20 could be in play following an imminent breakout from the symmetrical triangle he highlighted on his chart. The analyst noted that these breakout price targets were his conservative ones without the “entirety of a full Logarithmic Follow through.”
Interestingly, the analyst claimed that based on historical data, a Full Logarithmic Follow-Through could result in a price gain of over 39,000% for XRP, with the crypto token rising to $200. The analyst believes such a price rally is indeed possible for the cryptocurrency, noting that the crypto token has done this before.
Marks also provided a further technical analysis of XRP’s price indicators and explained why he believes a rally is close. He claimed that the already confirmed Hidden Bullish Divergence, plus the way “prices are shaping up” and high volume, suggests that “something massive can be truly nearing.”
He also stated that the symmetrical triangle with a descending volume on the crypto token’s chart could be considered a “coil pattern,” which could hint at a continuation of the previous uptrend. The crypto analyst noted that the prior uptrend led to XRP’s price move of 110,000%, which means that a continuation “can be extreme.”
Meanwhile, Marks also pictured the RSI (Momentum Oscillator) and a trend line that displays already-set Lower Lows. The analyst claimed that the hidden bullish divergence was confirmed while the RSI set Lower Lows and prices formed higher lows.
He said this implies that a reversal to the $1.44 level may be on the cards. Marks believes that such a bullish reversal could help spark a continuation of the previous uptrend as XRP could eventually break out of the Symmetrical triangle and pennant.
Price To Repeat Historic 2017 Rally
Crypto analyst Mikybull Crypto stated that XRP might replicate its massive 2017 rally, given the current price action path that the crypto token is following. 2017 was a historic year as the crypto token made a 61,000% price move in 280 days. The crypto analyst predicts that the altcoin could rise above $4 if a similar price movement occurs.
Mikybull Crypto stated that he believes such a scenario can occur because the sentiment around XRP is bleak. Crypto analyst Doctor Magic also agreed with Mikybull Crypto and stated that XRP gives the 2017 vibes. He added that monthly volatility is at all-time lows for XRP and remarked that the altcoin’s breakout will be “violent” when it happens.
Featured image created with Dall.E, chart from Tradingview.com
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