- Crypto analyst Javon Marks predicts a potential massive breakout for XRP based on technical patterns.
- JPMorgan Chase now accepts XRP for credit card and mortgage transactions, signaling mainstream adoption.
In the middle of reviving market optimism, crypto analyst Javon Marks has shared a bullish analysis for Ripple’s coin, XRP. Marks observed that, while XRP just witnessed a short breakout, it appeared to be an attempted breakout.
However, between price action and the Relative Strength Index (RSI), there are still patterns present in the form of bullish divergences that signal a good bullish breakout is possible.
$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
Conservative Targets and Full Logarithmic Potential for XRP
On a more conservative note, Marks stated that a breakthrough may target values between $15 and $18, implying a 2,100% increase. However, he also stated that by regularly monitoring the markets, they have seen Full Logarithmic Scale Follow-Throughs occur successfully several times.
This could signal a significantly higher price goal for XRP. Specifically, a breakout and full follow-through for XRP may result in a price of more than $100, marking a 20x rise.
Marks stressed that there are tiers to this game, and based on his experience, the next levels for XRP may be higher than many people realize. This analysis has drawn substantial attention to XRP, as traders and investors look for signals of a major price increase.
Recently, we already highlighted whale buying activities during the XRP price dip a few days ago. In the last three months, the number of XRP addresses holding between 10,000,000 and 100,000,000 coins has skyrocketed.
This whale accumulation is frequently interpreted as a bullish indication, signaling that huge holders are confident in XRP’s future performance.
On the other hand, CNF reported that JPMorgan Chase will now accept XRP for credit card and mortgage transactions. This breakthrough is a big step forward for XRP’s adoption in conventional financial institutions, potentially increasing its usability and value.
Meanwhile, at the time this article was written, the price of XRP was about $0.5048, after a 12.02% hike over the last 24 hours. This price change has brought XRP’s market value back above $28 billion.
