Analyst Keeps Faith In XRP, Targets $288 Despite Price Retreat

Christian Encila

1 year ago

3 mins read

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In the tumultuous world of cryptocurrency, where prices can soar to unprecedented heights one day and plummet to new lows the next, XRP, the digital asset associated with Ripple, finds itself at the center of attention once again. Despite recent dips in its value, XRP enthusiasts remain steadfast in their optimism, fueled by the unwavering confidence of cryptocurrency analyst Javon Marks.

Analyst’s Bold Prediction

Marks, known for his bullish outlook on XRP, has boldly predicted a jaw-dropping 400x surge in the price of XRP, envisioning the digital asset reaching the remarkable territory of $288. This audacious forecast comes in the face of recent challenges for XRP, including a notable dip in value and ongoing market turbulence.

With a Full Logarithmic Follow through, prices of $XRP (Ripple) may be more than poised for $200+.

Prices of Ripple went on an over +108,000% run in the 2017-2018 run and has since setup and broke out of its largest resisting structure EVER!

A mind-boggling, +33,030% run from… https://t.co/RWklG3ALh0 pic.twitter.com/r1Jie98X9s

— JAVON⚡️MARKS (@JavonTM1) April 5, 2024

Resilience Amidst Challenges

XRP has weathered its fair share of storms in recent weeks, experiencing a 24% decline from April 11 to 13, sending it to its lowest value since May 2023. Despite this setback, the digital asset showed resilience, bouncing back with a 5% rise on April 14. However, this recovery was short-lived as bearish sentiments regained control.

Chart: TradingView

At the time of writing, XRP was trading at $0.50, up a measly 0.7% in the last 24 hours, but sustained an 18.2% loss in the weekly timeframe, data from Coingecko shows.

Source: Coingecko

A psychological support, the $0.5 level tends to keep people comfortable if the price stays above it; a decline below it can alarm them. A breakdown below this level is significant because it may encourage traders to sell more because they think the price will drop even further.

XRP market cap currently atis now trading at $63,454. Chart: TradingView

Analyzing The Trends

Marks’ analysis hinges on XRP’s historical performance, particularly its ability to break out of downward trendlines. He points to a significant breakout in July 2023 following a pivotal ruling in the SEC vs. Ripple case.

Despite subsequent corrections and occasional bearish pressure, XRP has managed to remain above these trendlines, signaling a strong bullish trend that Marks believes will pave the way for a monumental price surge.

Short-Term Challenges

Despite the long-term optimism, XRP faces immediate challenges in the form of resistance and bearish sentiments. Trading below the 50-day Exponential Moving Average (EMA) and struggling to surpass the $0.50 mark, XRP must navigate through short-term obstacles before realizing its full potential.

As XRP enthusiasts eagerly await the fulfillment of Marks’ bold prediction, it’s essential to acknowledge the inherent volatility and uncertainty that characterizes the cryptocurrency market. Factors such as regulatory developments, market dynamics, and broader trends within the cryptocurrency space can all influence XRP’s price trajectory.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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