XRP is attracting attention following a new technical analysis indicating a potential significant price surge. Analyst Javon Marks believes that XRP is repeating a chart pattern that preceded its all-time high in 2017.
Technical Analysis of XRP
According to Marks, XRP recently completed a long-term consolidation phase. This formation, which began after the 2018 peak, resembles a symmetrical triangle that typically signals strong upward movement. He noted multiple touches on support lines, suggesting a solid base has formed before a potential breakout.
Fibonacci Target Levels
Marks utilized Fibonacci extension levels to project possible price targets. In 2017, XRP moved through key Fibonacci zones, consolidating near the Fib. 1 level before advancing toward the $1.618 extension and eventually crossing the $2.618 level. Currently, the asset is holding above $1.99, aligning with the Fib. 1 extension in the new pattern, suggesting a prelude to a rally up to the next significant target of $9.631. He also marked the 2.618 extension price point of $123.5278 as a distant target.
Future of XRP and Market Interest
Considering the uncertain timeframe, the breakout indicates that XRP is ready to make another big move if it experiences a historical repeat. Marks pointed out that the current market conditions combined with the technical setup resemble the timeframe of the previous XRP rise, which further fuels interest in the asset's price.
Javon Marks' projections add momentum to the growing interest in XRP's future price action. With a confirmed breakout and key Fibonacci levels in play, attention is now focused on whether the asset can follow its historical path to new highs.
