According to Javon Marks, XRP could well be on its way to an audacious $288 price after breaching its largest resistance level on the 18-day timeframe.
The analyst made this claim while updating his XRP outlook based on current market conditions. Javon’s ambitious projection leverages historical data pertaining to past performance.
His initial analysis came up two months back when XRP was facing bearish pressure. At the time, XRP had collapsed from a high of $0.5795 on Feb. 16 to $0.5438. Amid the downturn, Javon stressed that the 18-day chart had confirmed another series of higher lows, hinting at a possible push toward greater prices.
According to him, XRP had recorded another massive breakout by late February, with a confluence of these factors contributing to his optimism. Since the earlier analysis, XRP has faced a series of upswings and declines, with no significant push forward.
An Updated Analysis
However, the market veteran has now revisited his analysis, re-affirming his confidence in the imminent price surge while considering projections on a logarithmic scale. Javon’s chart suggests that the analyst’s price projections are based on insights from historical data.
With a Full Logarithmic Follow through, prices of $XRP (Ripple) may be more than poised for $200+.
Prices of Ripple went on an over +108,000% run in the 2017-2018 run and has since setup and broke out of its largest resisting structure EVER!
A mind-boggling, +33,030% run from… https://t.co/RWklG3ALh0 pic.twitter.com/r1Jie98X9s
— JAVON⚡️MARKS (@JavonTM1) April 5, 2024
For context, XRP faced a similar setup from late 2013 to early 2017. Within this period, it recorded a price suppression due to a persistent downward trendline. However, after breaking above the downtrend in early 2017, XRP witnessed an impressive 63,080% surge to the ATH of $3.31 in January 2018.
The market has witnessed a repetition of this setup, with XRP seeing a similar downtrend from January 2018 to July 2023. Notably, XRP broke above the downward trendline when it rallied to $0.93 on July 13, 2023. However, the correction that ensued saw it retest the trendline.
Following this retest, XRP has now pushed further above the downtrend, with Javon expecting it to replicate the previous upsurge. He believes XRP has now breached its largest resistance on the 18-day chart, and could be posed for a rally.
Projections of an XRP Rally to $288
Data from his chart shows that he expects XRP to increase by up to 61,000%, which would push its price to the $288 price territory from here. Speaking further, he claimed that a 33,000% increase, which could take XRP to $197, is “more than possible,” noting that it is already in the works.
However, these predictions have been swiftly dismissed by investors due to its ambitious nature. Notably, at a price of $288, XRP’s market cap would stand at $15.8 trillion, rivaling Gold, the largest asset by market cap. Despite this, some pundits also believe an XRP rise to $1,000 is possible.
Meanwhile, XRP still struggles to reclaim $1, currently trading for $0.5998 at the reporting time, with a 2% increase over the last 24 hours. XRP further boasts a volume of $873 million over the last 24 hours despite a 7.99% drop.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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