Javon Marks, a widely followed technical analyst, has boldly asserted that XRP has now overcome its longstanding resistance, opening the path to $150.
The analyst voiced this sentiment in a recent post on X, as XRP defied the border market bearish trend to print an over 10% gain. Today, XRP reclaimed a four-month peak at $0.6586 and has continued to defend most of the gains.
Considering XRP’s bottom of $0.38 in the first week of July, the token has advanced by over 73% this month. Many market analysts have noted XRP’s resurgence, sparking an update on their earlier estimations. Marks is one such analyst.
XRP Has Broken Six-Year Trend
In his latest update on X, analyst Marks confidently stated that XRP has now broken out of its massive 2,351-day resistance trend following today’s significant comeback. This resistance trend stretches from XRP’s 2018 peak value of $3.84 to its current value below $1.
Notably, XRP has remained below its all-time high for over six and a half years. During the 2021 bull run, it attempted to break the longstanding downtrend but was unsuccessful.
A breakthrough emerged last July when the court ruled that XRP is not a security, helping it rally to $0.90, but the bearish market at the time hindered further progress. Now, with the bull market gaining momentum, XRP is showing signs that it will not be left out.
$150 Now In Play For XRP
Marks argued that with the observed break from the downtrend, XRP is now headed for the never-seen-before price point of $150. He emphasized that with a full Logarithmic follow-through, this target represents an over 21,000% increase from its current value.
Meanwhile, $150 is not even the analyst peak target for XRP. He anticipates XRP to reach as high as $264 upon a full-scale breakout, mirroring the trend seen in 2017-2018. As a result, he remarked, “The show may be just beginning.”
Other Experts Disagree
However, other market participants do not share Marks’ ambitious outlook for XRP. The founder of Eckhardt Capital urged him to consider the market cap implications of a $150 XRP. Notably, XRP will command a valuation of about $15 trillion in the hypothetical scenario where it attains this lofty high.
Meanwhile, other analysts do not share the sentiment that XRP has indeed overcome its six-year resistance trend. In a separate analysis, analyst Ali Martinez stated that XRP’s entry into the $0.9 range would confirm its breakout from the extended downtrend.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
