A crypto analyst is predicting a massive price breakout for the XRP price, the native token of the XRP Ledger (XRPL).
Despite XRP’s sluggish price performance, the analyst believes that this cryptocurrency could soar as high as 42,263%, potentially hitting an ambitious price target of $280 this bullish cycle.
In an X (formerly Twitter) post on August 22, crypto analyst, Javon Marks expressed his optimistic projections for XRP, highlighting critical points where the cryptocurrency is most likely to experience a significant upward momentum.
Sharing a historical price chart illustrating XRP’s price movements from 2014 to 2024, Marks outlined a unique triangle pattern which formed just before a bullish breakout in the cryptocurrency.
Based on the chart’s data, the XRP price formed a triangle pattern between 2014 and 2017, which led to its dramatic surge to an all-time high of $3.84 in 2018.
Marks has identified that this triangle pattern has reemerged in XRP’s chart from 2018 to 2024.
As a result, the analyst forecasts that XRP is on track to witness a 42,263% surge, potentially propelling its price to an ambitious target of $262.23.
Given XRP’s current price of $0.59, this projected 42,263% increase would bring the cryptocurrency’s price to around $253.15.
In his post, Marks notes that XRP was right at or near the point of a bullish breakout.
He predicted that if XRP’s price increases by about 3% to 4% from its current price level, it could trigger the anticipated breakout.
While the analyst remains optimistic about XRP’s future outlook, he also pointed out that the cryptocurrency has been stuck in a triangle pattern for roughly 6 years (2,424 days).
However, Marks has revealed that if XRP can successfully break out of this long term pattern, it could attract a significant amount of buying interest, potentially sparking a strong “bullish presence,” not seen since 2016 to 2017.
The price of XRP has been on a seemingly never ending consolidation phase for the past few years, persistently trading around the $0.5 price mark.
Following the conclusion of the almost four year long court battle between Ripple and the United States Securities and Exchange Commission (SEC), XRP witnessed a massive price surge which pushed it to trade above $0.6.
Although the cryptocurrency has seen a 6% price increase over the past week, XRP has continually failed to hold above the $0.6 level.
The cryptocurrency is currently trading at $0.598, witnessing a slight increase of about $0.23% in the last 24 hours, according to CoinMarketCap.
A crypto analyst and XRP supporter identified as ‘XRP Captain’ has highlighted a new technical pattern observed on the 4-Hour (4H) price chart of XRP.
The analyst has identified this pattern as a “bull flag,” predicting that if XRP can break out of this unique bull pattern, the price could rise to a target of $0.65.
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