The post XRP Consolidation Phase Breakout Targets $200+: Top Analyst appeared on BitcoinEthereumNews.com.

Analyst Javon Marks calls attention to a multi-year XRP consolidation phase, predicting an imminent breakout to push prices to unimaginable margins. Marks disclosed this in a recent XRP price analysis, providing a well-detailed chart as evidence. The chart under scrutiny traces XRP’s journey from its all-time high of $3.31, achieved in January 2018, to its current position, showcasing a near seven-year consolidation pattern.  XRP Consolidation Phase This extended period of price compression has led to the formation of a significant wedge pattern, a technical setup often indicative of a forthcoming breakout. The ongoing pattern development has shown resilience, with XRP holding onto key support levels and resisting downward pressure, which further bolsters the bullish outlook. XRP Consolidation Phase | Javon Marks Marks pointed out the critical convergence point where XRP is poised, signaling that the end of this lengthy consolidation may be near. According to his analysis, if XRP breaks out in a bullish direction from this pattern, it could initiate a logarithmic price increase. He based the analysis on historical data and prior successful market encounters where similar consolidation phases led to significant price movements. Notably, XRP witnessed a similar consolidation phase from 2014 to late 2017. As the 2017/2018 bull run matured, XRP staged a massive breakout that saw it claim the $3.31 all-time high. Like in the previous pattern, XRP has exhibited consistent bullish signals throughout this pattern development. As the apex of the consolidation structure coincides with the ongoing market bull run, Marks believes a repeat of 2017 could happen. Moreover, this apex also coincides with the recent conclusion of the Ripple v. SEC lawsuit. A Possible 42,000% Spike In addition, XRP is gearing closer to welcoming a spot ETF. Amid these bullish indicators, Marks insists the ensuing rally could push XRP’s value upwards by over…

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Filed under: News - @ August 24, 2024 5:19 am