Javon Marks, a widely followed technical analyst, has boldly asserted that XRP has now overcome its longstanding resistance, opening the path to $150.
The analyst voiced this sentiment in a recent post on X, as XRP defied the border market bearish trend to print an over 10% gain. Today, XRP reclaimed a four-month peak at $0.6586 and has continued to defend most of the gains.
Considering XRP’s bottom of $0.38 in the first week of July, the token has advanced by over 73% this month. Many market analysts have noted XRP’s resurgence, sparking an update on their earlier estimations. Marks is one such analyst.
XRP Has Broken Six-Year Trend
In his latest update on X, analyst Marks confidently stated that XRP has now broken out of its massive 2,351-day resistance trend following today’s significant comeback. This resistance trend stretches from XRP’s 2018 peak value of $3.84 to its current value below $1.
Notably, XRP has remained below its all-time high for over six and a half years. During the 2021 bull run, it attempted to break the longstanding downtrend but was unsuccessful.
A breakthrough emerged last July when the court ruled that XRP is not a security, helping it rally to $0.90, but the bearish market at the time hindered further progress. Now, with the bull market gaining momentum, XRP is showing signs that it will not be left out.
$150 Now In Play For XRP
Marks argued that with the observed break from the downtrend, XRP is now headed for the never-seen-before price point of $150. He emphasized that with a full Logarithmic follow-through, this target represents an over 21,000% increase from its current value.
Meanwhile, $150 is not even the analyst peak target for XRP. He anticipates XRP to reach as high as $264 upon a full-scale breakout, mirroring the trend seen in 2017-2018. As a result, he remarked, “The show may be just beginning.”
Image Source: https://x.com/JavonTM1/status/1818484077592461419
Other Experts Disagree
However, other market participants do not share Marks’ ambitious outlook for XRP. The founder of Eckhardt Capital urged him to consider the market cap implications of a $150 XRP. Notably, XRP will command a valuation of about $15 trillion in the hypothetical scenario where it attains this lofty high.
Meanwhile, other analysts do not share the sentiment that XRP has indeed overcome its six-year resistance trend. In a separate analysis, analyst Ali Martinez stated that XRP’s entry into the $0.9 range would confirm its breakout from the extended downtrend.
