XRP, the native token of the XRP Ledger, could soon see an exponential rise in price. It has lost about 14% of its value in the past 30 days and more than 27% so far this year.
Despite recent underperformance, similar price patterns have been found in XRP’s history, suggesting that the cryptocurrency could soon see an explosive rise following a symmetrical triangle breakout.
The way the price has been consolidating/forming, combined with its source (historical data), high trading volume, and a confirmed hidden bullish divergence, suggests that “something big could really be on the horizon.”
Symmetrical triangles often signal that price will continue to move in the trend that preceded the formation of the triangle. Therefore, if a symmetrical triangle follows an uptrend, traders expect a price breakout to the upside.
XRP’s historical performance could be a benchmark. In mid-2017, XRP’s price surged more than 70,000% and reached an all-time high in early 2018. Marks said a similarly strong bull run could be on the horizon.
Driven by technical indicators, XRP could rise to $1.44. Reaching this price point could trigger a breakout of the six-year price consolidation pattern. In the long run, XRP could break the $200 mark per coin, a 45,000% increase from the current $0.04. This forecast is based on historical data assuming "perfect logarithmic tracking."
Even in a more conservative scenario, Marks believes that if the price pattern is broken, XRP could still reach $15 to $20, equivalent to an increase of more than 4,000% from current levels.
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