Crypto Analyst Predicts 42,263% Breakout For XRP Price To $280, Here’s The Roadmap
August 23 2024 - 7:00PM
NEWSBTC
A crypto analyst is predicting a massive price breakout for the XRP
price, the native token of the XRP Ledger (XRPL). Despite XRP’s
sluggish price performance, the analyst believes that this
cryptocurrency could soar as high as 42,263%, potentially hitting
an ambitious price target of $280 this bullish cycle. Roadmap
To XRP’s $280 Price Increase In an X (formerly Twitter) post on
August 22, crypto analyst, Javon Marks expressed his optimistic
projections for XRP, highlighting critical points where the
cryptocurrency is most likely to experience a significant upward
momentum. Sharing a historical price chart illustrating XRP’s price
movements from 2014 to 2024, Marks outlined a unique triangle
pattern which formed just before a bullish breakout in the
cryptocurrency. Related Reading: Cardano Investors React To 14% ADA
Price Surge To $0.37 Based on the chart’s data, the XRP price
formed a triangle pattern between 2014 and 2017, which led to its
dramatic surge to an all-time high of $3.84 in 2018. Marks has
identified that this triangle pattern has reemerged in XRP’s chart
from 2018 to 2024. As a result, the analyst forecasts that
XRP is on track to witness a 42,263% surge, potentially propelling
its price to an ambitious target of $262.23. Given XRP’s current
price of $0.59, this projected 42,263% increase would bring the
cryptocurrency’s price to around $253.15. In his post, Marks
notes that XRP was right at or near the point of a bullish
breakout. He predicted that if XRP’s price increases by about 3% to
4% from its current price level, it could trigger the anticipated
breakout. While the analyst remains optimistic about XRP’s future
outlook, he also pointed out that the cryptocurrency has been stuck
in a triangle pattern for roughly 6 years (2,424 days).
However, Marks has revealed that if XRP can successfully break out
of this long term pattern, it could attract a significant amount of
buying interest, potentially sparking a strong “bullish presence,”
not seen since 2016 to 2017. Update On XRP Price Analysis The
price of XRP has been on a seemingly never ending consolidation
phase for the past few years, persistently trading around the $0.5
price mark. Following the conclusion of the almost four year long
court battle between Ripple and the United States Securities and
Exchange Commission (SEC), XRP witnessed a massive price surge
which pushed it to trade above $0.6. Related Reading: The
Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, What’s
Going On? Although the cryptocurrency has seen a 6% price increase
over the past week, XRP has continually failed to hold above the
$0.6 level. The cryptocurrency is currently trading at $0.598,
witnessing a slight increase of about $0.23% in the last 24 hours,
according to CoinMarketCap. A crypto analyst and XRP
supporter identified as ‘XRP Captain’ has highlighted a new
technical pattern observed on the 4-Hour (4H) price chart of XRP.
The analyst has identified this pattern as a “bull flag,”
predicting that if XRP can break out of this unique bull pattern,
the price could rise to a target of $0.65. Featured image
created with Dall.E, chart from Tradingview.com
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