XRP has been showing promising signs of a potential bullish breakout, according to an analysis shared by crypto analyst Javon Marks. In his tweet, Marks suggests that XRP has attempted to break above its resistance levels multiple times since late July 2024.
He predicts that the token may soon witness an upward surge, with price targets of $2 to $3. This analysis aligns with recent patterns observed in XRP’s price movement, pointing towards a breakout that could be imminent.
What you'll learn 👉
XRP Pattern Hints at Bullish Behavior
Often preceding a continuation of the present trend, the XRP chart by Marks reveals the formation of a symmetrical triangle. The convergence of lower highs and higher lows produces a shrinking price range, hence defining the pattern.
Multiple times XRP has challenged the resistance and support levels of this pattern, indicating a breakout’s possibility. The pattern observed in XRP suggests that resistance could weaken as more breakout attempts occur.
Traders often consider multiple tests of a resistance line as a sign that it may eventually break. Marks highlights that XRP’s persistent attempts at crossing this line could soon lead to a surge in price.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: SEI Price Explodes, But Will SEI Mirror SUI and Solana’s Runs?
Potential Price Targets of $2-$3
Marks’ analysis provides a detailed outlook on possible price movements for XRP if a breakout happens. According to the pattern, the price target can be calculated by adding the height of the back of the triangle to the breakout point.
In this case, Marks estimates a price range of $2 to $3, which aligns with the current market indicators and technical analysis. This bullish outlook is supported by Marks’ tweet, which emphasizes that XRP has been preparing for this breakout for months.
He mentions that a breakout could trigger the much-anticipated price rally, possibly leading to the strong growth that many traders have been expecting.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
