Analyst Expects XRP Rally to $288, Citing Recent Breakout

A notable market analyst recently asserted that an XRP surge to a massive $288 price could actually be possible, citing historical context amid a recent breakout.

XRP has been stuck below the $1 price threshold since December 2021, presenting challenges in its pursuit to reclaim the all-time high price of $3.3. Despite the struggles, Javon Marks, an internet personality and crypto analyst, expects XRP to skyrocket to a three-digit price.

In a recent post on X, Marks called attention to a historical pattern that previously led to XRP’s surge to the $3.3 ATH in January 2018. Notably, the crypto asset formed a bearish descending trendline when it collapsed from the $0.0614 high in December 2013.

A $200+ $XRP (Ripple) can be possible.

Another set of Higher Lows are holding and another breakout has taken place, meaning that a massive upside move to new All Time Highs can be commencing soon… pic.twitter.com/zIpADFClOD

— JAVON⚡️MARKS (@JavonTM1) February 25, 2024

XRP remained underneath this descending trendline for over four years, recording two futile attempts at a breakout throughout this period. However, a successful breakout occurred in March 2017. Following this breach, XRP rallied 63,080% to the $3.31 ATH in January 2018.

This exact pattern is currently playing out, data from Marks’ chart suggests. Interestingly, XRP also formed a similar descending pattern when it slumped from the $3.31 all-time high. The asset continued to trade underneath a bearish curve following the fall until recently, when it broke above it.

Pointers for a Similar XRP Surge

Marks has called attention to some pointers similar to the trend recorded by XRP before it saw the 63,080% rally from 2017 to 2018. The first and most obvious pointer is the breakout from the bearish trend. Such a breakout signals that the bulls are gradually taking control of the scene. 

The second pointer is the set of two failed attempts at breaching the downtrend. Like in the previous cycle, XRP also moved to breach the downtrend on two occasions, but witnessed intense pressure from the bears. The third push led to the eventual breakout, similar to what the market observed in March 2017.

Interestingly, the third pointer is the formation of higher lows on the 18-day chart despite XRP trading below the downtrend. XRP also recorded these higher lows in the previous cycle, indicating a weakening of the downtrend.

XRP’s Lofty Price Target

Now that the crypto asset has broken out of the downward trend, Marks expects it to stage a rally similar in magnitude to what it recorded in 2017 to 2018. The analyst projects a 61,052% upsurge, eventually leading to an ambitious $288 price.

While this represents one of the loftiest price targets for XRP, some analysts have also predicted a similar rally. In July 2023, market analyst EGRAG projected XRP to hit $200 following a 50,000% price increase. Interestingly, EGRAG’s analysis also centered on a repetition of the 2017 pattern.

Shannon Thorp, a Citi banker, also noted that she believes XRP could trade between $100 and $500 this month. However, this prediction has failed to materialize, as XRP still struggles to hold the $0.54 level. The asset currently changes hands $0.5398, down 1.15% over the last 24 hours.