2024-9-12 13:30 |
Will XRP price “print” some millionaires in the next few months or years?
This is what many traders have been pondering in recent months. The truth is, XRP’s price hasn’t produced significant pumps this year. It’s been hovering around $0.45-$0.6 throughout 2024. At press time, it’s trading at approximately $0.53.
However, Javon Marks recently shared a viral XRP price prediction, forecasting that Ripple’s token could reach the $3.13 level in the upcoming period.
XRP Chart: A Bullish Setup?Marks’ chart analysis reveals an ascending triangle pattern that has been forming for several years. This formation typically suggests a bullish breakout, indicating a potential long-term move above the resistance level.
The XRP chart also showcases a previous significant breakout from 2017-2018, where XRP experienced an explosive 3,800% rally. Some traders are viewing this as a potential fractal for the current market cycle.
Source: X/@JavonTM1One key element Marks points out is the presence of multiple hidden bullish divergences. These divergences generally indicate that momentum is building even as the price remains relatively stable or decreases slightly. Traditionally, such signals are considered strong continuation indicators.
XRP Price TargetBased on this setup, Marks suggests the XRP price could experience a climb of 500%, potentially reaching around $3.313. This aligns with historical patterns where XRP has rallied considerably after long consolidation periods.
A crucial factor to watch is the 7-year trendline acting as major resistance. A breakout above this level would be a massive bullish signal, potentially leading to further upside even after reaching the $3.313 target.
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Show more +Show less –The lower part of the chart displays volume and volatility metrics. While current volume levels are relatively low compared to previous rallies, this could suggest an impending spike in interest and price movement once key levels are broken.
Read also: XRP Ledger’s Ecosystem Market Cap Hits Record Low – Is This A Worrying Sign for Ripple’s Ecosystem?
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The post Is XRP Price Ready For a 500% Rally? Trader’s Chart Analysis Sparks Debate appeared first on CaptainAltcoin.
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