Javon Marks, a widely followed technical analyst, has boldly asserted that XRP has now overcome its longstanding resistance, opening the path to $150. ๐โจ
The analyst voiced this sentiment in a recent post on X, as XRP defied the broader market bearish trend to print an over 10% gain. Today, XRP reclaimed a four-month peak at $0.6586 and has continued to defend most of the gains. ๐ช
Considering XRPโs bottom of $0.38 in the first week of July, the token has advanced by over 73% this month.
๐ Many market analysts have noted XRPโs resurgence, sparking an update on their earlier estimations. Marks is one such analyst.
๐ฅ XRP Has Broken Six-Year Trend ๐ฅ
In his latest update on X, analyst Marks confidently stated that XRP has now broken out of its massive 2,351-day resistance trend following todayโs significant comeback. This resistance trend stretches from XRPโs 2018 peak value of $3.84 to its current value below $1. ๐
Notably, XRP has remained below its all-time high for over six and a half years. During the 2021 bull run, it attempted to break the longstanding downtrend but was unsuccessful.
A breakthrough emerged last July when the court ruled that XRP is not a security, helping it rally to $0.90, but the bearish market at the time hindered further progress. Now, with the bull market gaining momentum, XRP is showing signs that it will not be left out. ๐
๐ธ $150 Now In Play For XRP ๐ธ
Marks argued that with the observed break from the downtrend, XRP is now headed for the never-seen-before price point of $150. He emphasized that with a full Logarithmic follow-through, this target represents an over 21,000% increase from its current value. ๐
Meanwhile, $150 is not even the analyst's peak target for XRP. He anticipates XRP to reach as high as $264 upon a full-scale breakout, mirroring the trend seen in 2017-2018. As a result, he remarked, โThe show may be just beginning.โ ๐
โ ๏ธ Other Experts Disagree โ ๏ธ
However, other market participants do not share Marksโ ambitious outlook for XRP. The founder of Eckhardt Capital urged him to consider the market cap implications of a $150 XRP. Notably, XRP will command a valuation of about $15 trillion in the hypothetical scenario where it attains this lofty high. ๐ผ
Meanwhile, other analysts do not share the sentiment that XRP has indeed overcome its six-year resistance trend. In a separate analysis, analyst Ali Martinez stated that XRPโs entry into the $0.9 range would confirm its breakout from the extended downtrend. ๐
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