Prominent market analyst Javon Marks (@JavonTM1) has drawn attention to a remarkable correlation between XRP’s present market behavior and its pre-rally configuration from 2017. His analysis shows that XRP is on the verge of a massive rally and could climb to heights never seen before.
During that earlier period, the cryptocurrency maintained a horizontal trading range for approximately two years, fluctuating between $0.004 and $0.009 before initiating a dramatic ascent to its all-time high of $3.84.
Since May 2023, XRP has established a defined trading range between $0.42 and $0.74, exhibiting characteristics that mirror its previous consolidation phase. A notable hidden bullish divergence has emerged within this range, replicating the technical formation observed before the 2017 surge.
Technical Indicators Support Bullish Outlook
At press time, XRP traded at $0.5415. The digital asset has demonstrated resilience following a significant downturn in early October coinciding with the notice of appeal filed by the U.S. Securities and Exchange Commission (SEC) in its prolonged legal battle with Ripple.
Despite the uncertainty caused by the SEC’s appeal, prominent analysts and experts have consistently reassured the community. They are confident that XRP’s price won’t experience the same suppression it did between December 2020 when the legal battle began and August 2024 when the final ruling was handed down.
The price action is currently testing critical Fibonacci retracement levels. It is currently sitting around the 0.236 Fibonacci level at $0.5443, and the key breakout level that could trigger a massive surge is the 0.382 Fibonacci level at $0.5674.
The sustained close above $0.5674 would confirm the bullish scenario and establish momentum toward higher resistance levels. The 0.618 Fibonacci retracement at $0.6049 represents a significant milestone that could validate this bullish trajectory. However, this level is also a resistance level for the digital asset.
The chart also highlighted XRP’s Relative Strength Index, which currently sits at 46.62, approaching the crucial 50-mark threshold that traditionally separates bearish from bullish momentum.
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Potential Price Targets
While Marks refrains from providing definitive price targets, his chart suggests potential movement toward the $17 range, representing a theoretical increase of 3,039.4% from current levels.
This projection aligns with analyses from EGRAG CRYPTO (@egragcrypto), another prominent market analyst, who showed how the digital asset can reach $17 and potentially $27 through an ascending triangle.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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