Notable analyst Javon Marks believes XRP could outperform Bitcoin by an impressive 243%, projecting an over 3.3x increase in XRP price toward the $1.57 region.
Marks disclosed this amid the current market uncertainty. The downturn has dealt a blow on prices, with Bitcoin (BTC) leading the charge. Being the most prominent crypto asset, with a 53.1% market dominance, BTC has continued to dictate the direction of the broader market. As the rest of the market follows, so does XRP.
However, during the ongoing downtrend, XRP has demonstrated greater resilience than Bitcoin and the broader market. The Crypto Basic confirmed this trend in a report earlier in the week. Notably, BTC is down 8.70% this month, while Ethereum (ETH) has collapsed 8.17% within the same period.
Additionally, despite its recent 24-hour price spike on the back of VanEck’s spot ETF filing, Solana is seeing an 11.83% loss this month. Meanwhile, XRP has maintained a 7% decrease in June, suffering less burns than the broader market.
Analyst Expects XRP’s Resurgence
Nonetheless, market participants have often voiced concerns over XRP’s inability to record gains when these other assets appreciate. For context, XRP is performing worse compared to the rest of the market on a larger timeframe. Javon Marks believes this trend could be coming to an end, as he predicts an XRP explosion.
$XRP / #BTC has, on a Logarithmic Scale, broken out of a notable, near year long resisting trend and this can be a sign of a major bullish reversal to come in.
With this breakout, a follow through can result in XRP outrunning Bitcoin by more than 243%!
In Mid 2023, XRP moved… pic.twitter.com/84Aqlp3rLI
— JAVON⚡️MARKS (@JavonTM1) June 27, 2024
He called the investing public’s attention to a descending trendline on the XRP/BTC chart over a 2-day timeframe. This trendline formed as a result of a downtrend XRP has faced against Bitcoin since July 2023. Recall that XRP recorded a 63% spike over BTC when its price rallied to $0.93 last July.
However, following the rally, a retracement ensued. The ongoing downtrend, which began in August 2023, has prevailed on the back of this retracement. As a result, XRP has dropped 70% against Bitcoin since last July, with the XRP/BTC ratio collapsing from 0.00002593 to the current value of 0.00000773.
XRP Eyes 243% Rise Against Bitcoin
Interestingly, Marks confirms that XRP has now broken above the descending trendline. This comes as the altcoin regains some lost ground against BTC. The recovery push has been especially bolstered by XRP’s greater resilience against the bears in the ongoing turmoil. Notably, the XRP/BTC pair has increased 16% since its June 7 low.
The market analyst expects the breakout from the descending trendline to result in a 243% rise in XRP’s price against Bitcoin. Data from his chart shows this would push the pair to 0.00001966. However, such a spike against Bitcoin would require a follow-up price increase from XRP, the analyst says.
Marks expects this anticipated price increase to push XRP’s value by as much as 3.3x. With XRP currently trading for $0.4768, a 3.3x surge would take this price to $1.57. The last time XRP saw this price level was in May 2021 amid the correction from the $1.96 peak in April of that year.
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.
-Advertisement-
