XRP Prediction: Analyst Says Bullish Divergences Are Still Present, Here’s Why

by

As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I must admit that the recent performance of XRP has been both intriguing and challenging. After witnessing its brief surge above the $0.60 price level last month, only to see it plummet back down, I find myself in a familiar position – waiting for the next big move.

At present, XRP is slightly over the $0.50 mark, following a substantial drop that nearly wiped out its advancements from the past month. Notably, XRP surpassed the $0.60 threshold during a rally last month; however, this upward trend was brief, persisting for merely a few days.

In spite of this temporary setback, crypto expert Javon Marks observes the presence of bullish divergence trends in the market, implying that another significant spike might be imminent. These trends suggest potential strong growth, hinting towards a possible rebound and an incredibly optimistic price jump to unprecedented peak levels.

Bullish Divergences Are Still Present

Crypto analyst Javon Marks recently shared an intriguing XRP technical analysis on the social media platform X with very bullish price prediction targets for the cryptocurrency.  According to Marks, the crypto asset recently embarked on a bullish rally, which ultimately turned into an attempted breakout before reversing. The rally he was talking about was XRP’s price journey from $0.4321 in July, which saw it peak at $0.6534 on July 31, according to data from Coinmarketcap. As such, XRP ended up breaking out of a multi-year descending triangle pattern.

On Javon Marks’ XRPUSD monthly candlestick chart, there’s an intriguing descending triangle pattern that has been forming since 2018 when XRP reached its peak of $3.4. This pattern is marked by a sequence where the highs decrease while the lows increase slightly. Over six years, this pattern has shrunk, indicating a phase of consolidation and lower volatility. Lately, this formation has grown tighter, leading to a minor breakout in July and a shift towards a more optimistic view for XRP.

As a researcher analyzing the current market trends, I find myself observing the XRP price once more within a descending triangular pattern – a situation that typically signals bearish sentiment. However, despite this, I remain hopeful and positive about its future. Interestingly, I’ve noticed a captivating correlation between the XRP’s price action and the Relative Strength Index (RSI), a widely-used momentum indicator. This intriguing connection suggests to me that we may be on the verge of a successful bullish breakout.

In simpler terms, it appears that XRP briefly broke free from its current state, but this may have just been a failed attempt. However, certain price trends and Relative Strength Index (RSI) patterns, such as bullish divergences, are still evident. These patterns might indicate a potential successful bullish breakout in the near future!
On a conservative note,…
— JAVONMARKS (@JavonTM1) August 6, 2024

Price Targets For XRP

Based on Mark’s analysis, a successful breakout might see XRP trading between roughly $15 and $18 at its most moderate. In a more aggressive scenario, XRP could potentially surge beyond the $100 mark. His ultimate prediction for XRP’s price is an impressive $260, which equates to a staggering 41,780% increase from its current level.

In the world of cryptocurrencies, large-scale rallies like this one are not unprecedented. As previously pointed out, there have been instances where such massive price increases followed logarithmic scale trends, as seen before us. The last time an altcoin broke free from a similar multi-year descending triangle was back in 2017. This breakout led to an astonishing 42,000% surge in its value, peaking at its all-time high.

In reality, the crypto market has changed significantly since then. Today, XRP ranks among the top cryptocurrencies by market capitalization. Achieving another 40,000% surge for XRP might seem feasible theoretically, but in practice, it would be quite challenging. If XRP were to rally at such a rate, it could potentially surpass Bitcoin‘s market cap, which many experts consider highly unlikely. However, the possibility of a strong XRP rally in the near future remains plausible.

At the time of writing, XRP is trading at $0.5162 and is up by 3% in the past 24 hours.

XRP Prediction: Analyst Says Bullish Divergences Are Still Present, Here’s Why

Read More

2024-08-08 08:11