- XRP nears a pivotal breakout, potentially ending a 2,424-day resistance trend.
- A 3-4% rise could trigger a significant bullish surge, targeting levels between $15-$18.
- Full Logarithmic Scale Follow-Throughs suggest XRP could surpass $100, with gains over 20x.
According to recent analysis by Javon Marks on X (formerly known as Twitter), XRP’s price appears to be on the brink of a significant breakout.
Marks highlighted that the cryptocurrency is currently hovering near a pivotal point that could signal the end of a long-standing resistance trend. A 3-4% upward movement from its current position could break XRP out of a roughly 2,424-day consolidation pattern, potentially igniting a bullish surge not seen since the 2016-2017 period.
On August 6, Marks observed that XRP briefly broke out of this consolidation pattern, although the move was temporary and appeared to be an attempted breakout. Despite this, Marks pointed to ongoing bullish divergences in both price action and the Relative Strength Index (RSI), which suggests that a more sustained bullish breakout could be imminent.
The presence of these patterns reinforces the possibility of a successful upward movement in the near future.
In a more conservative scenario, Marks indicated that a successful breakout could target levels between $15 and $18, representing a potential climb of over 2,100%. However, he also noted that the market has previously witnessed Full Logarithmic Scale Follow-Throughs, which have historically led to much higher price levels.
If XRP were to experience such a follow-through, it could potentially see its price soar beyond $100, marking a significant gain of more than 20 times its current value.
On July 31, Marks reported that XRP had successfully broken out of a massive 2,351-day resistance trend. According to Marks, this breakout places XRP’s potential target at over $150.
He emphasized that this target could be reached with a full Logarithmic Follow-Through, resulting in an astonishing climb of over 21,000% from its current price.
As of the latest data, XRP was priced at $0.599307, with a trading volume of $951,687,452, recording a decline of 0.33% in the past 24 hours. XRP currently ranks 7th on CoinMarketCap, with a market capitalization of $33,669,113,483.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
