Recently, the cryptocurrency market has been plagued by a plethora of uncertainties, resulting in a substantial decline in the value of several key coins, including ripple (XRP)
Despite this, Javon Marks, a renowned cryptocurrency analyst and enthusiast, has issued a daring forecast of a substantial increase in the price of XRP. Marks has established a $20 price target for the digital asset following its next significant move despite the current adverse market sentiment.
Marks’ projection offers an enticing perspective that the coin may be on the brink of a substantial recovery once market conditions return to their previous state despite the current market downturn.
XRP Aims for a Massive Rally to Unprecedented Heights
Javon Marks’ analysis delves into the recent price movement of XRP by employing a pattern that he has named the Coil pattern. At a time when the cryptocurrency asset is beset by regulatory pressure and uncertainty, this bullish forecast is issued.
According to the expert, the digital asset maintains its coil pattern, still in support and exhibiting nearly all positive indicators, indicating a significant bullish breakout.
Acknowledging that the coil pattern can occur when prices fluctuate within a range and ultimately behave like a spring price action is important. The price may be compelled to move or propel itself if a sufficient amount of force is applied to this spring, similar to how a spring contracts and winds.
Additionally, these patterns may continue an upward trend accompanied by a decreasing volume, which could substantiate their validity. Javon Marks previously indicated that the asset may be preparing to launch in the form of an abrupt upward move, as the pattern’s convergence point approaches and the previous price action of XRP ends.
The analyst observed that prices fluctuate within a range, typically a tightening one in these coin patterns, and are on the verge of the converging point that XRP has demonstrated and continues to exhibit. Javon Marks is confident that the crypto asset’s previously immense surge may be charging when the declining volume and this price action are combined. Based on a Full Logarithmic follow-through, the expert predicts a price target of $20 or higher.
The asset’s value has decreased by 0.10% in the past day, reaching $0.498 at the time of writing. Although its trading volume has increased by more than 111%, its market capitalization has marginally decreased by 0.12%.
Increase in Weekly Fund Inflows
CoinShares has reported that the weekly fund inflows of XRP have experienced a substantial increase, even though the asset is currently exhibiting an adverse trend. According to data from the platform, XRP-based investments have seen inflows of approximately $1.1 million over the past week. This indicates that investors are becoming more confident and interested in the investments.
The asset has received a total inflow of $2.2 million in the past month, and it has amassed a staggering $17 million in the past year, surpassing other prominent coins such as Binance and Cardano.