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- Popular crypto analyst Javon Marks has backed XRP to rally from its current $0.51 position to a new all-time high of $200.
- The analyst bases his hypothesis on various technical indicators as the token struggles to hold its position above critical support.
With XRP investors heavily invested in the Ripple v. SEC case for a price reaction, popular crypto analyst Javon Marks has hypothesized that key technical indicators could offer a bullish outlook for the altcoin. The analyst points out that these key indicators offer XRP investors a 360x return.
Sharing his views on the X platform, the analyst noted that the price of XRP is steadily approaching a potential breakout point based on the Pennant/Coil pattern. This is further supported by a bullish divergence between the RSI and price, indicating underlying strength despite any recent price movement. If his prediction is right, XRP could rally to $200 from its current price.
The analyst writes:
This pattern (Hidden Bull) can also indicate the continuing of the preceding trend, which in this case is a massive one, as prices of XRP are coming from an over 110,000% climb!
The bullish breakout, with help of this Divergence, can spark yet another monumental climb, which, with a Logarithmic Breakout and Follow-Through, could consist of an approximately >36,000% upside into the $200s!
XRP’s strong historical performance, with gains exceeding 1110 times its value, suggests that the predicted breakout and a 360-fold increase are realistic possibilities. This would further translate to an $11 trillion market cap. Therefore it could be the largest cryptocurrency and one of the largest tech giants like Microsoft (MSFT), Apple (AAPL), and Nvidia (NVDA).
This underlying bullish momentum could be triggered or broken down by the conclusion of the Ripple v. SEC case which is approaching its end. At the end of last month, Ripple Labs launched a robust legal defense against the SEC’s claims. The fintech company is directly challenging two key arguments presented by the regulatory body as highlighted by Crypto News Flash.
Other key developments around the Ripple ecosystem and XRP Ledger could also be crucial to the adoption and growth of XRP. In addition to the launch of a CBDC platform, and the anticipated release of a stablecoin, Ripple is preparing to challenge Chainlink with the launch of Oracles.
In a recent post, the company revealed its ambitious vision and roadmap for institutional DeFi (Decentralized Finance) on the XRP Ledger. The announcement encompasses several innovations set to redefine the DeFi landscape. These include Automated Market Makers (AMM), Decentralized Identifiers (DiD), Oracles, Multi-Purpose Tokens (MPT), and a native Lending Protocol.
At the time of writing, XRP is trading for $0.52 after a 2% rally in the last 24 hours. However, the digital assets have gone down by 3% in the past week.
Although the asset has struggled to break out from this level, indicators like the RSI (46.6) and CCI (-36) suggest it’s not oversold, which means there could be room for further growth in this bull run.
