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- An analyst predicts a potential XRP breakout that could spark bullish momentum unseen since 2016–2017.
- Reduced whale activity suggests reduced sell-off risk, adding support to XRP’s bullish outlook.
Javon Marks, a well-known analyst, has stated that XRP is currently at a critical juncture, on the verge of a huge breakout.
According to Marks, a minor 3-4% increase from its present price might result in a breakout from a consolidation pattern that has lasted around 2,424 days. This potential breakout could spark bullish momentum in XRP, which has not been seen since the 2016–2017 period.
$XRP's prices are right at/near the point of a breakout!
A 3-4% upside move from here can break prices out of a roughly 2,424 day resisting trend/consolidation pattern that could spark a bullish presence in XRP not seen since 2016-2017.
The time is looking to be now… https://t.co/Vw4ePp898J pic.twitter.com/jtK8noieDq
— JAVON⚡️MARKS (@JavonTM1) August 22, 2024
Symmetrical Triangle Breakout Could Propel XRP Beyond $200
The symmetrical triangle pattern that XRP is generating is critical in this scenario. A break from this pattern might drive the Ripple coin above the $200 mark.
In addition to Marks analysis, recent conversations have drawn attention to a prominent researcher who believes that XRP may even outperform Bitcoin and Ethereum, particularly in light of news about Tether’s reserve shortages.
According to our prior report, the researcher drew on a Bank of France article that emphasized XRP’s technological superiority over Bitcoin and that it has no bubble. These considerations, together with Mark’s mention of a potential breakout, can catapult bullish sentiment toward XRP.
This bullish narrative is supported by the most recent CryptoQuant data, which shows a dramatic decline in whale activity.
Yesterday, the Whale to Exchange Transaction measure was 1,213, but today it has plummeted substantially to 66. This drop suggests that fewer large-scale funds are being transferred to exchanges, implying a lower possibility of big dumps in the near future.
As of the time of writing, XRP is trading at roughly $0.6106, up 1.85% over the last 24 hours. Its market cap today stands at $34.30 billion.
Beside that, recent CNF reports highlight that Whale Alert has detected two big XRP transfers from unknown wallets to the Bitso and Bitstamp exchanges. But, despite these huge transfers, XRP’s price has continued to hike, fueling additional market speculation.
