In a recent analysis, renowned crypto analyst JAVON MARKS shared a highly bullish outlook on Ripple’s (XRP) long-term price trajectory, suggesting that XRP could surpass the $20 mark. MARKS’ analysis highlights several technical indicators that signal a significant bullish breakout is imminent.
Currently, XRP is maintaining a coil pattern, a technical formation characterized by price movements within a narrowing range. This pattern often leads to a breakout as the price approaches the converging point. MARKS notes that XRP has consistently exhibited bullish signals within this pattern, indicating that a substantial upward movement could be on the horizon.
Further supporting this optimistic outlook, MARKS points to the declining trading volume, a common precursor to a price surge. As the volume decreases, it often sets the stage for a breakout, especially when combined with a tightening price range. This pattern suggests that XRP’s previous monumental uptrend may soon resume, with a full logarithmic follow-through potentially pushing the price well beyond $20.
According to MARKS, “The combination of XRP’s coil pattern and declining volume is creating a perfect storm for a major breakout. The technical indicators are aligning, and we could see XRP reach new all-time highs in the near future.”
XRP Short-term Outlook Suggests Upward Trend
Analyzing short-term XRP price trends, prominent crypto analyst CasiTrades has Shared a bullish update on XRP, signaling potential upward momentum. According to CasiTrades, XRP exhibits strong bullish tendencies as it rebounds from the golden retracement levels, a key Fibonacci retracement level often associated with trend reversals.
However, the crucial resistance level to watch is $0.53. On smaller timeframes, there’s a noticeable slowdown and the formation of a potential top, which traders should monitor closely. However, the overall outlook remains optimistic.
XRP needs to break above the $0.53 resistance level to confirm a new bullish trend. A breakout at this level would be an unmistakable signal for a far-reaching upside move. Besides, the recent retracement of Bitcoin to the 0.618 Fibonacci level sets the stage favorable for a potential XRP breakout.
Another famous crypto analyst, Jonathan Carter, has given his take on the price trajectory of XRP. Carter explained that XRP is trying to break out of the descending triangle pattern in the daily timeframe, an implicitly bullish sign if confirmed
XRP is currently testing the 50-day moving average, acting as an extreme resistance. A breakout above this MA might drive XRP higher toward the next resistance levels at $0.622 and $0.662. These stand as critical levels for continuing the bullish trend.”.
At the time of writing, XRP trades at $0.497132, showing a 24-hour volume of $3.50 billion and a market cap of $27.56 billion. The price dropped slightly by 0.08 percent in the last 24 hours.
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