Analyst Javon Marks predicts that XRP could skyrocket 42,000%, targeting $263 amid bullish signals.
- An analyst forecasted a massive XRP price surge, projecting a $263 target if a full bullish breakout occurs. Increased whale activity and market support levels suggest potential for XRP to break out of its 7-year consolidation.
Javon Marks, a crypto analyst, has recently outlined a bullish outlook for XRP, suggesting that the altcoin could see a significant price surge if a breakout occurs.
According to Marks, if XRP were to experience a full logarithmic follow-through from its current consolidation pattern, the token could reach an ambitious target of $263.
In fact, this would represent an over 42,000% increase from its current levels, based on historical patterns and market behavior.
Source: X
Marks emphasized that XRP was approaching the culmination of a nearly seven-year consolidation phase, during which it has exhibited multiple bullish signals.
He believed that these signals, coupled with XRP’s resilience during this period, increase the likelihood of a bullish breakout.
Marks has previously mentioned that he had tempered his predictions, but now feels it is crucial to focus on XRP’s full potential, which he estimated could push the price well above $200 with similar patterns.
Additionally, Ripple CEO Brad Garlinghouse recently made a bold statement on Bloomberg TV, asserting that,
“XRP is the Next Bitcoin.”
This comment has fueled speculation and enthusiasm among XRP supporters, who are keen to see if the crypto can live up to such high expectations.
Market performance and technical indicators
At press time, XRP was trading at $0.5778, with a 24-hour trading volume of $1.39 billion. XRP has seen a 1.58% increase in the last 24 hours and a 12.09% rise over the past week.
With a circulating supply of 56 billion XRP, the token’s market capitalization stood at approximately $32.44 billion.
Meanwhile, XRP was slightly above the middle band of the Bollinger Bands, which was relatively narrow, with the upper band at $0.6499 and the lower band at $0.5042.
This indicated reduced volatility and a neutral to slightly bullish market sentiment.
Source: TradingView
Moreover, the 50-day EMA at $0.5514, along with the 100-day and 200-day EMAs at $0.5409 and $0.5460, respectively, served as support levels.
This suggested that XRP may have the potential for upward movement if it sustains these levels.
Whales fuels XRP’s Futures surge?
Data from Coinglass revealed that XRP’s Futures Open Interest has shown fluctuations, peaking at over $1 billion in mid-July 2023 before stabilizing around $600 million.
As of this writing, Open Interest is at $632.74 million, reflecting a 2.44% increase, while trading volume has decreased by 20.76% to $1.86 billion.
These figures indicated moderate interest in XRP Futures, with trader commitment varying in recent months.
Source: Coinglass
AMBCrypto recently reported that the whale-to-retail delta stood at 30.63, signaling increased interest among large XRP holders.
This uptick in whale activity suggested a possible influence on future price movements, particularly as the level of market indecision has been breached.
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