Analyst Javon Marks recently analyzed XRP’s price movements, suggesting XRP may soon experience significant price levels that could surpass expectations.
The market watcher presented his latest analysis on X today amid XRP’s recovery from the recent bloodbath. Marks’ chart reveals a long-term symmetrical triangle pattern, indicating potential price volatility.
The triangle began following the drop from the $3.31 all-time high in January 2018. Notably, XRP’s price movement has consolidated within this pattern for over 2,400 days. During this period, the altcoin recorded notable lower highs and higher lows in a convergence.
Interestingly, the symmetrical triangle setup is not new for XRP, as a similar formation occurred between 2014 and 2017. This formation eventually led to a massive breakout. During that period, XRP’s price surged by over 60,000%, setting a precedent for potential future movements.
XRP Rally Could Surpass Expectations
Marks’ confidence hinges on this historical event. According to him, the recent price action has shown signs of a bullish divergence, supported by the RSI (Relative Strength Index) indicators.
He notes that while bulls could not sustain a recent breakout attempt, the underlying patterns still suggest a bullish breakout could be imminent. Marks estimates that a conservative breakout could target levels between $15 and $18, representing a substantial increase of over 2,100% from current levels.
However, he also hints at the possibility of a more extensive logarithmic scale follow-through. The analyst suggests such a follow-through could propel XRP’s price to more than $100, translating to a monumental 20x rise.
Drawing from his experience and past market behaviors, Marks emphasizes that the levels XRP could reach may be beyond what many can currently envision. His confidence is bolstered by XRP’s historical performance, which at the time surpassed expectations.
Current XRP Conditions and Short-term Movements
Meanwhile, in the short-term, XRP is looking to recover from the latest market collapse. At the reporting time, XRP’s price has surged to $0.5160. This level represents a 19.6% recovery push from the recent low of $0.4312.
The Keltner Channel, which measures volatility and identifies overbought or oversold conditions, shows that XRP recently dipped below the lower channel line at $0.473, suggesting an oversold condition. This typically precedes a rebound, which aligns with the observed price recovery.
The Stoch RSI, a momentum indicator, also supports this view. The Stoch RSI values indicate that XRP was oversold, with a reading of 6.79, well below the typical oversold threshold of 20. The subsequent upward movement in the Stoch RSI suggests a potential recovery phase.
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