Is XRP on the Brink of a 50,000% Rally? Signs Point to Yes, Says Top Analyst
17 August 2024 - 5:00PM
NEWSBTC
XRP, being one of the worst year-to-date performers among the top
10 largest crypto by market cap, now appears to be on the
verge of a historical rally, according to renowned crypto
analyst Javon Marks. According to Marks, XRP’s latest price
action suggests a major turn in its trajectory, reminiscent of its
monumental rise observed from 2016 to 2017. Related Reading: XRP
Price Prediction: Analyst Says God Candle Will Send Price To $57
XRP: Dissecting The 50,000% Rally Outlook Javon Marks, in a post on
X earlier today, highlighted potential signs of a major bullish
surge for XRP, similar to its ascent from roughly $0.0066 to over
$3.30 years ago. Marks points to what he describes as a “Hidden
Bullish Divergence” on XRP’s chart—a technical indicator suggesting
that the current price movement is an anomaly and that a
significant price increase could soon follow. Notably, a bullish
divergence often occurs when the price of an asset makes a new low,
but the momentum indicator starts to climb, suggesting that the
downward trend is losing its strength and could reverse. $XRP is
still, right now, showing signs that mirror its 2016-2017 action
where prices soared nearly +50,000% from ≈$0.0066 to over $3.30!
This means that we can be on the cusp of witnessing another
extraordinary unimaginable performance and showcase of strength
from XRP and… https://t.co/sJumbCalav pic.twitter.com/PvvPNL8eQP —
JAVON⚡️MARKS (@JavonTM1) August 16, 2024 This pattern, Marks notes,
closely mirrors the conditions seen before XRP’s explosive growth
in the previous decade. Marks stated in the post, indicating strong
confidence in the asset’s imminent market behavior: This means that
can be on the cusp of witnessing another extraordinary unimaginable
performance and showcase of strength from XRP and Ripple, unfolding
in ANY MOMENT now. History may not always repeat exactly, but it
often rhymes, and the ‘songs’ that XRP and Ripple are ‘playing’ can
be carrying some of the greatest lyrics. Touching On The Ripple And
SEC Saga The backdrop to XRP’s potential market resurgence, as
highlighted by Marks, is framed by its legal battles and regulatory
challenges, particularly with the US Securities and Exchange
Commission (SEC). The protracted legal confrontation, initiated in
December 2020, accused Ripple Labs of selling XRP as an
unregistered security. After extensive legal proceedings, a federal
judge recently ordered Ripple to pay $125 million—a fraction of the
$2 billion initially sought by the SEC—effectively bringing a
significant portion of the litigation to a close. This ruling,
delivered in July 2023 by Judge Analisa Torres of the Southern
District of New York, found that while Ripple violated securities
laws in its direct institutional sales, it did not break the law in
its dealings that put XRP onto exchanges accessed by retail
investors. Related Reading: XRP Price On The Edge: Can It Survive
and Start Fresh Increase This partial victory for Ripple has been
viewed favorably by the market, as it provides a clearer regulatory
framework moving forward and may reduce the uncertainty that has
clouded XRP’s potential. According to Marks’ outlook, this just
might be what XRP needs to finally make that major rise. Featured
image created with DALL-E, Chart from TradingView
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