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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The post The Ripple Effect: If This Historical Pattern Plays Out Like in 2018, XRP Price Will Explode appeared first on CaptainAltcoin.