- An analyst pointed out the similarities between the current XRP market and 2017 when, after following a bearish downward trend line, XRP broke away to surge 60,000%.
- The analyst believes that XRP has shown similar trading and price patterns and could break out in the near future to surge over 61,000% to reach US$288.
XRP could be heading to US$288, an analyst has claimed, drawing parallels between the token’s current market and 2017’s record-setting price rise.
In the period starting December 2013 when XRP had set its then-record price, the token was trapped within a descending trendline that usually signals a bearish move . Attempts to break this trendline failed and were followed by lower lows.
However, as shown in the chart below, XRP managed to break this trendline and what followed was an incredible surge that culminated in an all-time high price in 2017.
According to Javon Marks, this pattern has been repeating itself since 2017, with an attempt to break the trendline in April 2021 being rejected. XRP finally managed to break free recently and according to the analyst, this could be a repeat of the 2017 cycle, He predicts that the crypto will rise over 60,000% to reach new highs of over US$288.
He told his 39k followers:
XRP (Ripple) at US$200 could happen. Another series of Higher Lows have held and another breakout has occurred, meaning that a massive upside move to a new All Time High could begin soon.
If the token reaches US$288, its total market capitalization will skyrocket to over US$15.7 trillion, two trillion dollars higher than the market capitalization of gold and worth more than Apple, Google, Microsoft, Amazon and Facebook combined.
New Highs for XRP
Javon is one of several analysts who believe that XRP is about to break out. Another analyst, Egrag Crypto, recently predicted that the XRP/BTC ratio will skyrocket to 0.000137, up from the current level of 0.000010. This would imply that, with BTC holding above US$50,000, XRP would surge to US$7.
Egrag believes that the next bull market will be similar to 2017. Back then, although Bitcoin was getting all the attention due to its surge, it was no match for XRP‘s market movements.
#XRP / #BTC Valhalla or Helheim – UPDATE (My Unwavering Target 0.000137)
Check out the post from December 2023: https://t.co/c8LTpj8H7H
Sometimes, I Hate My Self
:
Sometimes, I can’t help but feel frustrated with myself for foreseeing the worst-case scenario, only to see… pic.twitter.com/7zfZXO5E85— EGRAG CRYPTO (@egragcrypto) February 21, 2024
Others like XRP Whale believe that the token will hit US$10 by the end of the second quarter of this year. As a leading voice in the XRP community, he points out that XRP managing to maintain support despite market sentiment being at an all-time low is a testament to its resilience and will give it a platform to reverse the recent downtrend.
Meanwhile, XRP is trading at US$0.05585, up nearly 5% in the past day. The price increase coincided with a sharp surge in market interest, with trading volume reaching US$1.6 billion, up 82% in the last 24 hours. However, it has not been able to reverse the losses recorded late last week, with its weekly position now 2.40% lower.
