In his latest analysis, crypto expert Javon Marks has identified a potentially game-changing pattern in Ripple’s XRP price chart. He draws parallels to the token’s historic performance in 2018.

This technical setup, combined with other bullish indicators, suggests that XRP could do a massive surge soon.

Technical Analysis Reveals Bullish Coil Pattern

The "Ripple" Effect :Yes, you've probably seen a similar pattern setup many times on $XRP, but with the way prices are coiling/shaping up combined with where the've come from (historical data) and high volume plus an already confirmed Hidden Bullish Divergence, something… pic.twitter.com/9V4XDOXtfQ

— JAVON MARKS (@JavonTM1) July 2, 2024

Marks highlights a combination of technical factors that point towards a significant upward movement for XRP:

The XRP price chart currently displays a widely recognized Symmetrical Triangle or Pennant Pattern. This formation, coupled with descending volume, is indicative of a coil pattern. In technical analysis, such patterns often precede a continuation of the previous trend.

The analyst emphasizes that the previous uptrend saw XRP climb over 110,000%. A continuation of this trend could lead to extreme price movements.

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Show more +Show less – Hidden Bullish Divergence Confirmed

One of the key elements in Marks’ analysis is the confirmation of a Hidden Bullish Divergence:

  • The Relative Strength Index (RSI) has been setting lower lows

  • Simultaneously, the price has been forming higher lows

This divergence between price action and momentum is a strong bullish signal. This implies a potential return to the $1.44 level. Such a move could act as a catalyst, pushing XRP out of the current coil/Symmetrical Triangle pattern.

Marks presents another scenario based on historical data and logarithmic analysis:

  • A full logarithmic follow-through could push XRP beyond $200

  • This represents a potential 400x return from current levels, or a >39,000% climb

  • The analyst notes that XRP has achieved similar percentage gains in the past

Read more: Polkadot (DOT) Primed for Breakout? 60% Staking Rate Squeezes Supply as Analysts Eye $20+ Target

Conservative Price Targets

While the logarithmic scenario presents an extremely bullish case, Marks also offers more conservative projections:

  • Without a full logarithmic follow-through, levels between $15-$20 are considered achievable

  • These targets are based on a breakout from the current pattern

The analysis takes into account several volume and momentum factors:

  • Descending volume within the Symmetrical Triangle supports the coil pattern theory

  • High volume accompanying recent price movements adds credibility to the potential breakout

  • The RSI’s behavior, forming lower lows against price higher lows, strengthens the bullish case

Javon Marks’ analysis paints a picture of XRP at a critical juncture, with technical indicators aligning to suggest the potential for explosive growth. While the most bullish scenario of a 400x return may seem extreme, there is scope for XRP to surge.

Read more: Analyst Predicts Where Ripple’s XRP Price is Headed Next: Hint – ATH Incoming

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