Analyst Javon Marks has proposed that XRP is nearing a converging point of its largest coil pattern, projecting a 37,635% bullish explosion to $200 amid market recovery.
XRP has emerged as a beneficiary in the ongoing market recovery following the significant crashes early this week. On Wednesday, XRP revisited $0.4802 when Bitcoin tanked by 9% to $56,500.
However, with Bitcoin reclaiming the $63K threshold, XRP has mirrored a similar bullish pattern. At press time, XRP reached an intraday high of $0.5362, reflecting a substantial 11.66% upswing from this week’s low of $0.4802.
While XRP currently trails the broader market, prominent analyst Javon Marks has proposed it could be in a league of its own soon. Marks argued for an imminent aggressive wave that could likely push XRP by 37,000% to become an asset of three-digit values.
XRP Biggest Coil Pattern
In his latest analysis, Marks highlighted that XRP is closing in on the converging point of its biggest “coil” pattern ever. A coil pattern, otherwise called a symmetrical triangle, implies a period of consolidation where the asset price moves within a narrowing range.
The XRP chart accompanying Marks’ update indicates that XRP first witnessed a tightening price range pattern between 2014 and early 2017 when the asset sold around $0.0056.
Upon breaking out from the consolidation range, an extraordinary rally followed, propelling it to $3.84 within 12 two months.
The chart shows that an even more extensive coil pattern is currently at play. In particular, XRP has formed a six-year-long consolidation phase.
$XRP (Ripple) prices are now nearing the converging point of its LARGEST "Coil" PATTERN EVER and with Bullish Volumes present on Lower Timeframes + Confirmed Bull Divergences that can indicate a recovery to $1.50, this can point to enough Support for a Bullish Breakout of this… pic.twitter.com/Wp1iKmx4cE
— JAVON⚡️MARKS (@JavonTM1) May 3, 2024
XRP Eyes Recovery Target of $1.5
Furthermore, the analyst noted that along with the current formation, increased trading volumes on shorter timeframes and confirmed bullish divergences are also present. This suggests that buying activity and positive momentum are building up in the XRP market.
Based on this observation, Marks proposed two imminent scenarios for X. The first is that the spotted bullish signals imply that XRP’s recovery price target is $1.5. By implication, the analyst anticipates XRP soaring by 183% in the current recovery phase.
XRP Soaring 37,635% to $200
Meanwhile, his second scenario involved XRP breaking out from the coil pattern. If this breakout occurs and follows a full logarithmic trajectory, the analyst proposed an audacious $200 as XRP’s price target.
With XRP’s prevailing value of $0.53, the bold $200 forecast implies an astonishing 37,635% price surge. This projection picks inspiration from the 2017/2018 trajectory following the breakout in which XRP rallied by 75,000%.
Furthermore, the analyst claims that analytical data supports the likelihood of the projected 370-fold price surge. Accordingly, he emphasized that the bullish rally is currently gathering momentum at XRP’s current value.
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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