Javon Marks, a well established crypto analyst, maintains a bullish outlook on XRP despite its lackluster performance since the start of the year. Marks forecasts a significant rally for the token. If to assume he is not wrong, this might be the very 'buy the dip' story every investor is dreaming about.
Marks suggests XRP could reach $15 to $20 following a breakout from a symmetrical triangle. He termed these targets "conservative."
Marks claimed historical data indicates a potential 39,000% price gain for XRP, reaching $200. He noted the token has achieved such gains before.
The analyst pointed to technical indicators supporting his bullish view. He cited a confirmed Hidden Bullish Divergence and high volume as signs of an impending rally.
Marks identified a symmetrical triangle with descending volume on XRP's chart. He suggested this could be a "coil pattern," potentially continuing the previous uptrend.
The prior uptrend resulted in a 110,000% price move for XRP. Marks believes a continuation "could be extreme."
The analyst also highlighted the RSI (Momentum Oscillator) and a trend line showing Lower Lows. He noted the hidden bullish divergence was confirmed while the RSI set Lower Lows and prices formed higher lows.
Marks suggested this could lead to a reversal to the $1.44 level. And would signal for a continuation of the previous uptrend.
Another analyst, Mikybull Crypto, drew parallels to XRP's 2017 rally. In that year, the token saw a 61,000% price move in 280 days.
Mikybull Crypto predicts XRP could surpass $4 if a similar move occurs. He attributes this potential to the current bleak sentiment around XRP.