Renowned crypto analyst Javon Marks has drawn attention to key technical analyses that indicate a bullish breakout for XRP, with the potential for a staggering 2,000% gain. This long-term forecast is heavily influenced by the ongoing Ripple v. SEC case and future developments within the XRP network.
With positive indicators emerging from the wider crypto market, XRP appears to be positioned to lead the next wave. According to Javon Marks, a prominent crypto analyst, the altcoin is primed to achieve gains of 2,000%. Marks highlights the strong momentum in XRP’s relative strength index (RSI), which suggests an imminent bullish breakout.
Over the past few years, XRP prices have been suppressed, largely due to the ongoing legal battle between Ripple and the SEC. This case has posed a threat to the innovative company behind the coin and the XRP Ledger (XRPL). The XRP community eagerly awaits a bullish breakout, demonstrating their unwavering support and resilience in the face of unprecedented legal proceedings.
Marks expresses his views on the XRP platform, emphasizing the underlying momentum indicated by the RSI pattern. Based on this pattern, the analyst is fairly confident in the occurrence of a bullish breakout in the near future. The highlighted RSI pattern suggests a weakening momentum as the price consolidates within a symmetrical triangle pattern on the chart. Historically, the emergence of this pattern has been followed by significant price increases. In his post, Marks provides a conservative price target of $15 to $20.
Marks hints at a substantial price surge, with potential returns reaching 20-36 times the current value, equating to a gain exceeding 2,000%. The long-term target is set at $19.82, implying a potential increase of nearly 2,900%.
At the time of writing, XRP is trading at $0.53, experiencing a 2% decrease in the last 24 hours. This comes after a 7% surge in the past 7 days. With a market cap of $1.5 billion, the altcoin currently ranks 7th. If Marks’ prediction materializes, XRP has the potential to climb back into the top 3 ranked coins.
The realization of such a rally hinges on the outcome of the Ripple v. SEC case. After years of minor victories for Ripple, legal experts anticipate that the case is approaching a conclusion and express confidence in a favorable outcome for Ripple. A recent development in the case, as highlighted by CNF, occurred on May 20, 2024, when the SEC filed a comprehensive rebuttal to Ripple’s request to seal certain financial documents.
Furthermore, advancements in the XRP Ledger will contribute to the value of XRP, ensuring its long-term success. Other innovative technologies, such as the upcoming Ripple stablecoin and its central bank digital currency (CBDC) platform, will drive adoption within the ecosystem and guarantee its success.
Marks is not the sole analyst advocating for an XRP rally. Abdullah “Abs” Nassif, host of the renowned cryptocurrency podcast “Good Morning Crypto,” has expressed unwavering support for XRP. In a report by CNF, Nassif outlined ten reasons to be bullish about XRP.
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