Cryptocurrency analyst Javon Marks remains unfazed despite the recent XRP dip, maintaining his forecast of an imminent 400x price surge to the $288 territory.
XRP has continued to battle the bears amid the ongoing market turbulence. With the 23.9% collapse from April 11 to 13, XRP fell to the support at $0.4188, marking its lowest value since May 2023. However, XRP looked to recover the recent losses with a 5.12% rise on April 14.
XRP Suffers Dip Below $0.50
Nonetheless, this recovery was short-lived, as the bears retook control of the scene the next day. XRP is now 21.77% down this month, struggling to reclaim and hold above the $0.50 psychological territory in an effort to flip it from resistance to support.
Despite XRP’s struggles, analysts like Javon Marks remain unfazed, confident that its bullish trend is intact. In a recent analysis, the market watcher provided an updated outlook on XRP’s price action. According to him, the ongoing market downturn does not invalidate a previous breakout that XRP recorded last July.
With a Full Logarithmic Follow through, prices of $XRP (Ripple) may be more than poised for $200+.
Prices of Ripple went on an over +108,000% run in the 2017-2018 run and has since setup and broke out of its largest resisting structure EVER!
A mind-boggling, +33,030% run from… pic.twitter.com/r1Jie98X9s
— JAVON⚡️MARKS (@JavonTM1) April 5, 2024
For context, XRP had continued to trade underneath a downward trendline since it dropped from the all-time high of $3.31. Notably, an attempt to breach this trendline came up in April 2021 when XRP soared to the $1.96 level. However, resistance from the bears foiled this attempt, leading to a failed breakout.
The next attempt at a breakout occurred in July on the heels of the pivotal ruling in the SEC vs. Ripple case. XRP soared to $0.93 on July 13, 2023, successfully breaching the downward trendline and holding above it. However, the correction that ensued in August 2023 saw XRP retest the trendline.
A Projection to $288 Amid Bearish Sentiment
Despite this retest, XRP remained above the trendline. In addition, the occasional bearish pressure since last August has not been potent enough to trigger a drop below the trendline. The latest market crash is one of these tests, but Javon’s chart indicates that XRP has maintained a position above the downward trendline.
With XRP remaining above the trendline, Javon holds onto the belief that a massive rally is imminent. The analyst expects this rally to trigger an over 400x increase in XRP’s price from $0.59 to an ambitious $288. He bases his his projection on XRP’s surge to $3.31 from 2017 to 2018 after it broke out of a similar downward trendline.
Meanwhile, in the short term, XRP continues to trade underneath the 50-day EMA ($0.5865), as it faces bearish sentiments. Currently trading for $0.4932, its immediate resistance sits at Fibonacci 0.236 stationed at $0.4987. Breaching this level would take XRP above the $0.50 psychological threshold.
