Is XRP on the Brink of a 50,000% Rally? Signs Point to Yes, Says Top Analyst
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, XRPs latest price action suggests a major turn in its trajectory, reminiscent of its monumental rise observed from 2016 to 2017.
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 XRPs charta 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
JAVONMARKS (@JavonTM1) August 16, 2024
This pattern, Marks notes, closely mirrors the conditions seen before XRPs explosive growth in the previous decade. Marks stated in the post, indicating strong confidence in the assets 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 XRPs 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 milliona fraction of the $2 billion initially sought by the SECeffectively 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.
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 XRPs 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
Text source: NewsBTC
