XRP has stood out in the current market cycle, with expert analysts like Javon Marks signaling a significant bullish trend on the horizon.
XRP has shown remarkable resilience over the past two months, attempting a bullish breakout more than six times since late July 2024. This pattern hints at an imminent surge that could soon see its value soar into the $2-$3 range.
Initial analysis
In his initial analysis On September 11, Marks highlighted the many hidden bullish divergences in XRP price movements. Notably, despite XRP’s rise over the past few months, momentum indicators have not improved.
For the uninitiated, a hidden bullish divergence occurs when the price of an asset makes higher lows, indicating an ongoing uptrend, while an oscillator (e.g., RSI, MACD) makes lower lows, suggesting bearish momentum.
They usually imply strong upward potential that can push the market higher. XRP increased by almost 500% and amounted to about $3.31. This potential upside goes beyond XRP simply regaining $3.3 ATH. Notably, this also indicates a breakout of the nearly 7-year resistance trend, setting a bullish precedent.
Updated XRP Analysis
In his latest analysis, Marks confirmed that XRP’s prospects are now more optimistic. According to Marks, repeated attempts at a bullish breakout, combined with favorable market signals, suggest that a major price move may be closer than many expect.
Since late July 2024, $XRP has attempted a bullish breakout approximately 6 times or more, and with signals pointing to a return above $2-3, a hold and a sustained breakout could be a matter of time and closer than many think!
At any moment we could see XRP completely “break up”… https://t.co/4XS2uQuRtL
— JAVON⚡️MARKS (@JavonTM1) September 25, 2024
Expectations are building around XRP’s potential growth, triggering the upward trend that many investors and traders are currently anticipating.
XRP Symmetrical Triangle
Meanwhile, the monthly chart shows XRP trading during symmetrical triangle. This pattern began to form back in April 2021 after falling from a high of $1.96. Over the past three years, XRP has moved around this triangle, now approaching its apex – a critical point that can really trigger growth.
Additionally, several indicators point to imminent growth. The monthly directional index (DMI) shows +DI (positive directional indicator) at 24.69. This confirms the prevailing buying pressure, although +DI has declined slightly over the past two months.
However, -DI (Negative Directional Index) is at 10.87, indicating easing selling pressure, and ADX (Average Directional Movement Index) at 40 suggests a strong trend. These patterns, which have been moving sideways recently, still support a potential breakout due to the accumulated pressure inside the triangle.
