A well-known crypto analyst has doubled down on their ultra-bullish forecast for Ripple’s cross-border payments token, XRP. Javon Marks has once again predicted that XRP’s price will skyrocket to the coveted $200 zone, representing an over 3,000% growth from its current price point.
Break Of 3.5-Year Downtrend Implies Imminent Explosive XRP Price Growth
A recent analysis by an analyst going by the online alias the Charting Guy has sparked considerable interest within the XRP community. It notes that the price of XRP has seen sideways action for more than a year since hitting $0.95 in July 2023. However, the analyst believes XRP has finally broken out of a notable downward pattern that has persisted for nearly four years.
An accompanying chart shared by the Charting Guy indicates that XRP’s price on the weekly chart was trading within a long-term descending trendline that proved a hard nut to crack — becoming a critical level to beat for the bulls. But XRP’s recent rebound above the crucial resistance level boosts prospects of a stronger rally.
$XRP decided to break now3.5 year downtrend broke and just confirmed with todays daily and weekly closedepending on how you draw the trendline, it may have broke the full 7 year downtrend too, but i’m waiting for extra confirmation on thatstill VERY significant https://t.co/kIE44QDuB8 pic.twitter.com/VUBkjZtKLv
— Charting Guy (@ChartingGuy) September 30, 2024
The analyst further observed that XRP had also broken a seven-year downtrend, which began after the cryptocurrency hit its current lifetime peak of $3.40 in January 2018. Although he was waiting for extra confirmation, the Charting Guy nonetheless described the break as “still very significant.”
Charting XRP’s Path To $200
Breaking out of a seven-year pennant setup is another bullish signal, which is setting up XRP for an unprecedented rise in value, according to another crypto analyst, Javon Marks. Javon said in a post on X that this break holding firm, coupled with a “full logarithmic follow through,” would easily propel XRP to $200 heights in the coming months.
The pundit based his prediction on a similar pattern from 2017, leading to a 42,000% return to its all-time high value of $3.40.
$XRP is currently broken out of this ≈6.69 Year Pennant Pattern and with a hold of this current break + a Full Logarithmic Follow-Through afterwards, prices of XRP can reach up to $200 in an over 30,000% climb from here! pic.twitter.com/AEU9uhfrEV
— JAVON MARKS (@JavonTM1) September 28, 2024
If XRP hits the prized $200 mark, its market capitalization will zoom to unbelievable heights. Assuming the current XRP supply remains unchanged, a $200 price tag would mean a market cap of over $11 trillion—tremendously bigger than the total market capitalization of all cryptocurrencies in the market.
