Renowned crypto analyst Javon Marks has ignited fervor within the XRP community after suggesting XRP could soar to unprecedented heights reminiscent of its historic 2017 surge.
In a detailed analysis on July 2nd, the pundit pointed out significant technical indicators and historical data supporting his bullish outlook,
“Yes, you’ve probably seen a similar pattern setup many times on $XRP,” Marks tweeted, pointing to technical patterns preceding the 2017 bull run.
Key to Marks’ forecast is the formation of a Symmetrical Triangle or Pennant Pattern accompanied by descending volume. This suggests a potential continuation of the previous bull run, which saw XRP surge to an all-time high of $3.84 on January 8, 2018.
Marks further highlighted the RSI (Relative Strength Index) and a trend line indicating lower RSI lows amidst higher price lows, confirming a hidden bullish divergence.
“With the way prices are coiling/shaping up combined with where they’ve come from (historical data) and high volume plus an already confirmed Hidden Bullish Divergence, something massive can be truly nearing,” he added.
That said, this technical setup, Marks asserted, could propel XRP back to $1.44 and beyond, potentially breaking out towards $200 if a Full Logarithmic Follow-Through occurs—a feat that would mark a staggering climb of over 39,000%.
Another analyst, known as “Mikybullcrypto,” echoed Marks’ sentiment, noting the possibility of XRP mirroring its 2017 rally given current price action, particularly the bullish divergence on the RSI.
“The sentiment surrounding it is bleak, which made me believe such a scenario can occur,” he tweeted.
Meanwhile, analyst Armando Pantoja highlighted XRP’s immediate price dynamics, stressing the importance of the token trading above the $0.46 range. He noted that if this range holds, he expects the price to surge to $0.57 in the short term before potentially targeting $2 and beyond. Pantoja also pointed out the current price action of the RSI, stating that the “RSI is showing potential for a HUGE upward MOVE coming soon.”
That said, the confluence of these bullish predictions comes at a critical juncture for XRP, considering the broader market volatility and regulatory woes facing Ripple. However, the community remains hopeful that the ongoing securities legal battle between Ripple and the SEC could end favorably for XRP.
Meanwhile, this week, XRP continued to face pressure amidst a wider crypto meltdown caused by concerns over mass BTC sell-offs by various stakeholders. At press time, XRP was trading at $0.4484, reflecting a 5.37% surge over the past 24 hours after a flash crash earlier in the day.