Analyst Javon Marks has shared an analysis suggesting XRP could reach $3.317 before potentially climbing to $99, representing a 69-fold increase. The analysis, posted on X, examines historical price patterns and chart formations spanning nearly a decade.
XRP Technical Analysis Points to Potential Breakout
The analysis tracks XRP’s price movements from 2014 through 2023, revealing a clear pattern formation. A descending triangle dominated the early years between 2014 and 2016, followed by a notable price surge in 2017 that peaked near $1.70.
The post-2017 period showed extended consolidation, forming a symmetrical triangle pattern that persisted until 2023. The breakout from this symmetrical triangle pattern marks a change in market structure.
Historical performance says there is a possibility for $XRP to reach $3.317, then $99.$99 is a than 69X from here ! https://t.co/a55I3KcRop pic.twitter.com/QRpEiatXIL
— JAVON MARKS (@JavonTM1) November 27, 2024
Moreover, the upper trend line, which served as resistance, has been breached, while the lower trend line continues to provide support through higher lows. This breakout setup forms the basis for the projected price targets.
XRP Price Targets Based on Historical Data
The analysis outlines two distinct price objectives derived from chart patterns.
The first target of $3.317 stems from standard technical analysis methods, measuring the triangle’s widest section and projecting it from the breakout point. This level aligns with previous resistance zones in XRP’s price history.
The longer-term projection of $99 builds on this initial target. The measurement considers the symmetrical triangle’s completion and factors in historical price reactions.
Chart patterns show multiple support zones that could act as stepping stones toward higher prices, with the previous resistance line now serving as immediate support.
Read also: Fantom (FTM) Price Pumps: ‘There’s a Lot to Like,’ Says Elite Crypto Analyst
Market Structure Shows Evolution
The price chart exhibits distinct phases in XRP’s market development. After the initial bearish period marked by lower highs, the asset entered a consolidation phase.
This consolidation manifested as a symmetrical triangle, characterized by converging trend lines connecting sequential lower highs and higher lows.
The combination of price structure and historical patterns provides context for the projected moves, while maintaining awareness that market conditions can shift based on various external factors.
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