Recently, many uncertainties have been seen in the cryptocurrency market, which has led to a significant decline in the value of many major currencies, such as XRP. Despite this, famous cryptocurrency analyst and enthusiast Javon Marks has made just that in a bold prediction And he expected Big rally for XRP, setting a $20 price target for the digital asset after its next major move amid bearish sentiment prevailing in the market.
Marks' forecast provides an interesting view that despite the current market downturn, the currency may be poised for a potentially significant rebound once market conditions return to normal.
XRP is looking to skyrocket to unprecedented heights
Javon Marks' analysis explores XRP's recent price action through a pattern he calls the Coil Pattern. This bullish forecast was made at a time of great uncertainty and… Regulatory pressure Experiencing cryptocurrency assets.
According to the expert, digital assets show almost all positive indicators indicating importance rising The breakout is ongoing as it holds the file pattern, while the pattern remains at the support level.
It is worth noting that a coil pattern can occur when prices diverge within a certain range and end up behaving like spring price action. Enough pressure applied to this spring may cause the price to move or push itself, just like spring and wind contracts.
Additionally, these patterns can be viewed as a continuation of an uptrend and are also subject to falling volume, which may help validate their validity. As XRP's previous price action comes to an end patternWith the convergence point approaching, along with tension mounting, Javon Marks previously confirmed that the asset could be poised to launch into a sharp upward move.
Now, the analyst noted that prices are moving within a range, usually a narrow range within these currency patterns, heading towards the point of convergence that XRP has shown and continues to show. Therefore, when the decline in volume is combined with this price action, Javon Marks is confident that the massive rally previously witnessed by the crypto asset may be driven. As a result, the expert predicts a target price of $20 or higher based on a full logarithmic follow-through.
At the time of writing, the value of the asset has fallen to $0.498, indicating a decline of 0.10% in the past day. Although its trading volume increased by over 111%, its market capitalization decreased slightly by 0.12%.
Increase in weekly fund flows
XRP It may be showing a downward movement, but the weekly fund flows of the asset have seen a notable increase according to CoinShares. Data It appears from the platform that over the past week, XRP-based investments saw inflows of around $1.1 million, indicating increased interest and confidence from investors.
Last month, the asset collected a total inflow of $2.2 million, while last year, it raised $17 million, surpassing other major coins such as Cardano and Binance.
Featured image from Adobe Stock, chart from Tradingview.com