Cryptocurrency analyst Javon Marks remains unfazed despite the recent XRP dip, maintaining his forecast of an imminent 400x price surge to the $288 territory.
XRP has continued to battle the bears amid the ongoing market turbulence. With the 23.9% collapse from April 11 to 13, XRP fell to the support at $0.4188, marking its lowest value since May 2023. However, XRP looked to recover the recent losses with a 5.12% rise on April 14.
XRP Suffers Dip Below $0.50
Nonetheless, this recovery was short-lived, as the bears retook control of the scene the next day. XRP is now 21.77% down this month, struggling to reclaim and hold above the $0.50 psychological territory in an effort to flip it from resistance to support.
Despite XRP’s struggles, analysts like Javon Marks remain unfazed, confident that its bullish trend is intact. In a recent analysis, the market watcher provided an updated outlook on XRP’s price action. According to him, the ongoing market downturn does not invalidate a previous breakout that XRP recorded last July.
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 had continued to trade underneath a downward trendline since it dropped from the all-time high of $3.31. Notably, an attempt to breach this trendline came up in April 2021 when XRP soared to the $1.96 level. However, resistance from the bears foiled this attempt, leading to a failed breakout.
The next attempt at a breakout occurred in July on the heels of the pivotal ruling in the SEC vs. Ripple case. XRP soared to $0.93 on July 13, 2023, successfully breaching the downward trendline and holding above it. However, the correction that ensued in August 2023 saw XRP retest the trendline.
A Projection to $288 Amid Bearish Sentiment
Despite this retest, XRP remained above the trendline. In addition, the occasional bearish pressure since last August has not been potent enough to trigger a drop below the trendline. The latest market crash is one of these tests, but Javon’s chart indicates that XRP has maintained a position above the downward trendline.
With XRP remaining above the trendline, Javon holds onto the belief that a massive rally is imminent. The analyst expects this rally to trigger an over 400x increase in XRP’s price from $0.59 to an ambitious $288. He bases his his projection on XRP’s surge to $3.31 from 2017 to 2018 after it broke out of a similar downward trendline.
Meanwhile, in the short term, XRP continues to trade underneath the 50-day EMA ($0.5865), as it faces bearish sentiments. Currently trading for $0.4932, its immediate resistance sits at Fibonacci 0.236 stationed at $0.4987. Breaching this level would take XRP above the $0.50 psychological threshold.
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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