Crypto analyst Javon Marks has predicted that the XRP price could rise 680% against Bitcoin, reaching $10. The analyst also indicated that the altcoin could move higher and reach the $15 target.
XRP Price Eyes 680% Rally Against Bitcoin
In one X messageJavon Marks stated that the XRP price against Bitcoin looks set to hit a run of over 680%, which could spark a bigger rally for the altcoin. He noted that this could lead to a move to the Price of $10 for XRP. The analyst added that this price rally is in line with the current measured move target, which is above $15.
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An XRP price rally as high as $15 would be a sign new all-time highs (ATHs) for the altcoin. Marks had alluded in an earlier analysis to how XRP outperformed Bitcoin by more than 240% while surging by more than 570%. As such, the analyst is confident that the altcoin could once again significantly outperform the leading crypto.
Its accompanying chart showed that the XRP price could record this 680% rally against Bitcoin next year, a period that could mark a new bull market cycle for the crypto market. It’s worth noting that XRP was one of the standout performers at the start of the year, outperforming Bitcoin and other major crypto assets, leading CNBC to describe it as the trade of the year.
Right now, the XRP price is under downward pressure alongside Bitcoin and the broader crypto market the ongoing war between the US and Iran. XRP typically mirrored BTC’s price action during this period, falling when Bitcoin does and rising when it does.
XRP’s price action is still corrective
In one X messageCrypto analyst Egrag crypto stated that the XRP price is still in a descending channel and the momentum is currently corrective, not impulsive. As long as the altcoin stays within this channel, the analyst stated that XRP is in a distribution phase instead of an outbreak.
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To make the XRP price bullish, Egrag Crypto stated that the first trigger will be $1.55, with a great invalidation of the bearish structure a weekly close above $2.20. A rally to this level could trigger a bullish continuation, opening the door for a rally between $2.70 and $3.60, with a new ATH on the horizon.
For the bearish scenario, Egrag Crypto predicted that the XRP price could fall towards the macro support of $0.95 to $0.85 if the altcoin is rejected below the $1.55 level. He stated that the altcoin is more likely to face a deeper downturn than an early breakout.
At the time of writing, the XRP price is trading around $1.35, down in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com