Analyst Javon Marks calls attention to a multi-year XRP consolidation phase, predicting an imminent breakout to push prices to unimaginable margins.
Marks disclosed this in a recent XRP price analysis, providing a well-detailed chart as evidence. The chart under scrutiny traces XRP’s journey from its all-time high of $3.31, achieved in January 2018, to its current position, showcasing a near seven-year consolidation pattern.
XRP Consolidation Phase
This extended period of price compression has led to the formation of a significant wedge pattern, a technical setup often indicative of a forthcoming breakout.
The ongoing pattern development has shown resilience, with XRP holding onto key support levels and resisting downward pressure, which further bolsters the bullish outlook.
Marks pointed out the critical convergence point where XRP is poised, signaling that the end of this lengthy consolidation may be near. According to his analysis, if XRP breaks out in a bullish direction from this pattern, it could initiate a logarithmic price increase.
He based the analysis on historical data and prior successful market encounters where similar consolidation phases led to significant price movements. Notably, XRP witnessed a similar consolidation phase from 2014 to late 2017. As the 2017/2018 bull run matured, XRP staged a massive breakout that saw it claim the $3.31 all-time high.
Like in the previous pattern, XRP has exhibited consistent bullish signals throughout this pattern development. As the apex of the consolidation structure coincides with the ongoing market bull run, Marks believes a repeat of 2017 could happen. Moreover, this apex also coincides with the recent conclusion of the Ripple v. SEC lawsuit.
A Possible 42,000% Spike
In addition, XRP is gearing closer to welcoming a spot ETF. Amid these bullish indicators, Marks insists the ensuing rally could push XRP’s value upwards by over 42,000%.
This projection suggests that XRP could potentially reach a price of around $263, a figure that far exceeds its previous highs and represents an enormous upside from the current trading levels.
However, it is important for market participants to approach these projections with a degree of caution. While the potential for a massive breakout exists, the market remains volatile, and such outcomes are never guaranteed.
At press time, XRP is currently facing short-term bearish pressure due to the ongoing market collapse. The cryptocurrency has broken below the $0.56 level, now changing hands at $0.5568. As the broader market slumps, XRP needs to defend the $0.5455 support to hedge against any collapse to new monthly lows.
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.
