XRP saw a large price decrease that wiped out the majority of its gains from the previous month, and it is currently trading just over the $0.50 price level. During a rally last month, XRP was able to burst past the $0.60 price level; however, this surge was just temporary, lasting a few days.
Crypto analyst Javon Marks observes that despite this setback, the market is still showing bullish divergence patterns, indicating that another breakthrough may be approaching.
These patterns suggest a likely comeback and a very bullish price spike to new all-time highs. They also suggest potential upward momentum.
Positive Divergences Are Still Visible
On the social networking site X, cryptocurrency analyst Javon Marks just posted an interesting technical analysis of XRP that has very optimistic price projections for the coin. Marks claims that the cryptocurrency asset recently started a bullish rise that eventually evolved into an attempt at a breakout before reverting.
According to Coinmarketcap data, the rally he was referring to was the price journey of XRP, which peaked on July 31 at $0.6534 after starting at $0.4321 in July. XRP eventually broke out of a multi-year descending triangle pattern.
The XRPUSD monthly candlestick chart by Javon Marks displays an intriguing pattern. A sequence of lower highs and higher lows defines the descending triangle pattern, which has been in place since XRP’s all-time high of $3.4 in 2018.
This pattern has shrunk over the last six years, indicating a phase of stabilization and less volatility. Over the past few months, this structure has tightened, leading to a slight breakout in July and a shift in XRP’s view towards becoming more positive.
Javon Marks is still upbeat even if the price of XRP is currently trading within this area of a falling triangle pattern once more. Additionally, he highlighted an intriguing relationship between market movement and the widely used Relative Strength Index (RSI).
$XRP recently broke out temporarily which looks to have been only an attempted breakout but, between Price Action and the RSI, there are patterns still present through bull divergences that can suggest a successful bullish breakout to be on the horizon!
On a conservative note,… https://t.co/BCrp9CwT6i pic.twitter.com/XGGiv0nBDp
— JAVON⚡️MARKS (@JavonTM1) August 6, 2024
XRP Price Targets
A good breakout, in Marks’s opinion, would imply a price range of, on the conservative side, $15 to $18. If XRP rallies more strongly, it might surpass the $100 price barrier. His ultimate price target for XRP is $260, as shown on the price chart; this is a 41,780% increase from the current price.
Such large-scale rallies are not unprecedented in the cryptocurrency space. We have already seen whole logarithmic scale follow-throughs of this kind, as Marks pointed out. In 2017, the altcoin experienced a 42,000% price surge that ended at its current all-time high after breaking out of a similar multi-year descending triangle pattern.
But in all honesty, the cryptocurrency industry has changed since then. In terms of market capitalization, XRP is currently among the top cryptocurrencies, and it will be difficult to replicate its recent 40,000% increase.
Such a solitary XRP surge would enable XRP to surpass even Bitcoin in market capitalization, an achievement that many industry players would consider unattainable. However, a long-term XRP surge is still possible in the foreseeable future.
As of this writing, XRP is up 3% over the last day and is trading at $0.5162.
