According to crypto analyst Javon Marks, XRP is poised for a breakout that could lead to a substantial price increase, potentially sparking a 2017-style bull move.
Historical data indicates XRP’s price surged from below $0.01 to nearly $3.50 in 2017, marking an approximate 42,700% increase. The current technical setup shows XRP nearing the apex of a long-term descending triangle pattern, suggesting a significant breakout might be imminent.
$XRP (Ripple) is RIGHT NEAR a point of BREAKOUT 🤯!
A breakout has the potential to spark a more than 300X, 2017 Style bull move into the $100s… https://t.co/fFRvHYITYn pic.twitter.com/sDJWAJcZ8A
— JAVON⚡️MARKS (@JavonTM1) July 17, 2024
Historical Data and Current Technical Setup
The chart analysis highlights XRP’s previous bull run in 2017, where it experienced a substantial increase in value. After peaking, the price has been consolidating within a descending triangle pattern. This pattern often indicates a potential breakout when the price approaches the apex.
The volume analysis further strengthens this prediction, showing a low volume often precedes significant price movements.
Volume Analysis and Breakout Potential
During the 2017 bull run, volume spikes indicated strong buying interest. Currently, the volume appears relatively low, a condition that often precedes a large price move. Marks suggests that a breakout from the current pattern could mirror the 2017 bull run, potentially increasing XRP’s price by over 300 times its current value.
Javon Marks, in another analysis, mentioned a potential breakout from a massive coil or “symmetrical triangle” pattern. This breakout, coupled with a full logarithmic follow-through, could result in a significant price increase, potentially reaching over $150.
Current Sentiment and Market Reaction
As of now, XRP is trading at $0.5722, with a 24-hour trading volume of $3,867,401,689, showing a 6.91% decrease in the last 24 hours. Trader sentiment follows the price action, with bullish narratives emerging for XRP. According to Santiment, XRP has seen a notable price increase, leading to a shift in trader sentiment towards a more positive outlook.
Additionally, XRP’s recent performance has caught the attention of prominent U.S. exchange Gemini. This surge marked over 60% growth since the bearish trend reversed on July 5. Although XRP has corrected some of its gains, it remains the top-performing cryptocurrency among the top 10 assets over the past week.
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.
