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XRP

From Pennies To Dollars: XRP’s Next Major Stop Could Be $20, Here’s How

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Lately, numerous uncertainties have been seen in the cryptocurrency market, leading to a significant drop in the value of several major coins, like XRP. Despite this, well-known cryptocurrency analyst and enthusiast Javon Marks in a daring forecast has predicted a significant upswing for XRP, setting a $20 price target for the digital asset following its next major move amidst the prevailing bearish sentiment in the market.

Marks’ projection provides an intriguing viewpoint that despite the current market downturn, the coin might be poised for a potential significant recovery once the market conditions normalize.

XRP Eyes Massive Rally To Unprecedented Heights

Javon Marks’ analysis explores XRP’s recent price action through a pattern that he dubbed the Coil pattern. This bullish forecast is made at a time when uncertainty and regulatory pressure are plaguing the cryptocurrency asset.

Related Reading: Crypto Analyst Predicts XRP Price Breakout Of Critical Zone, Sets Target As High As $7.5

According to the expert, the digital asset is exhibiting nearly all of the positive indicators that suggest a significant bullish breakout as it holds its Coil pattern, while the pattern is still at support.

It is worth noting that the coil pattern can take place when prices vary within a range and end up acting like a spring price action. A sufficient strain applied to this spring might cause the the price to move or push itself, just like a spring contracts and winds.

In addition, these patterns can be viewed as a continuation of an uptrend and are also subject to a dropping volume, which may help validate it. With XRP’s previous price action coming to an end and the pattern‘s convergence point approaching, along with the tension that has been building, Javon Marks previously highlighted that the asset may be gearing up to launch in the form of a sharp move upward.

XRP
Path to $20 | Source: Javon Marks on X

Now, the analyst noted that prices are moving inside a range, usually a tightening one within these coin patterns, heading towards the converging point that XRP has demonstrated and continues to display. Thus when the declining volume and this price action are combined, Javon Marks is confident that the crypto asset’s previously enormous surge may be charging. As a result, the expert anticipates a price target of $20 and even higher based on a Full Logarithmic follow-through.

At the time of writing, the asset’s value has fallen to $0.498, indicating a 0.10% decline in the past day. Although its trading volume has increased by over 111%, its market cap is slightly down by 0.12%.

Rise In Weekly Fund Inflows

XRP may be displaying a bearish movement, but the asset’s weekly fund inflows have witnessed a notable rise according to CoinShares. Data from the platform shows that over the past week, XRP-based investments experienced inflows of about $1.1 million, suggesting increasing interest and confidence from investors.

Related Reading: XRP Bucks The Trend As Institutional Funds Inflows Spikes 700%

In the past month, the asset amassed a total inflow of $2.2 million, while in the past year, it has amassed a whopping $17 million, surpassing other major coins like Cardano and Binance.

XRP
XRP trading at $0.4940 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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