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Notable analyst Javon Marks believes $XRP could outperform Bitcoin by an impressive 243%, projecting an over 3.3x increase in $XRP price toward the $1.57 region.
Marks disclosed this amid the current market uncertainty. The downturn has dealt a blow on prices, with Bitcoin ($BTC) leading the charge. Being the most prominent crypto asset, with a 53.1% market dominance, $BTC has continued to dictate the direction of the broader market. As the rest of the market follows, so does $XRP.
However, during the ongoing downtrend, $XRP has demonstrated greater resilience than Bitcoin and the broader market. The Crypto Basic confirmed this trend in a report earlier in the week. Notably, $BTC is down 8.70% this month, while Ethereum (ETH) has collapsed 8.17% within the same period.
Additionally, despite its recent 24-hour price spike on the back of VanEck’s spot ETF filing, Solana is seeing an 11.83% loss this month. Meanwhile, $XRP has maintained a 7% decrease in June, suffering less burns than the broader market.
Analyst Expects $XRP’s Resurgence
Nonetheless, market participants have often voiced concerns over $XRP’s inability to record gains when these other assets appreciate. For context, $XRP is performing worse compared to the rest of the market on a larger timeframe. Javon Marks believes this trend could be coming to an end, as he predicts an $XRP explosion.
$XRP / #$BTC has, on a Logarithmic Scale, broken out of a notable, near year long resisting trend and this can be a sign of a major bullish reversal to come in.
With this breakout, a follow through can result in $XRP outrunning Bitcoin by more than 243%!
In Mid 2023, $XRP moved… pic.twitter.com/84Aqlp3rLI
— JAVON⚡️MARKS (@JavonTM1) June 27, 2024
He called the investing public’s attention to a descending trendline on the $XRP/$BTC chart over a 2-day timeframe. This trendline formed as a result of a downtrend $XRP has faced against Bitcoin since July 2023. Recall that $XRP recorded a 63% spike over $BTC when its price rallied to $0.93 last July.
However, following the rally, a retracement ensued. The ongoing downtrend, which began in August 2023, has prevailed on the back of this retracement. As a result, $XRP has dropped 70% against Bitcoin since last July, with the $XRP/$BTC ratio collapsing from 0.00002593 to the current value of 0.00000773.
$XRP Eyes 243% Rise Against Bitcoin
Interestingly, Marks confirms that $XRP has now broken above the descending trendline. This comes as the altcoin regains some lost ground against $BTC. The recovery push has been especially bolstered by $XRP’s greater resilience against the bears in the ongoing turmoil. Notably, the $XRP/$BTC pair has increased 16% since its June 7 low.
The market analyst expects the breakout from the descending trendline to result in a 243% rise in $XRP’s price against Bitcoin. Data from his chart shows this would push the pair to 0.00001966. However, such a spike against Bitcoin would require a follow-up price increase from $XRP, the analyst says.
Marks expects this anticipated price increase to push $XRP’s value by as much as 3.3x. With $XRP currently trading for $0.4768, a 3.3x surge would take this price to $1.57. The last time $XRP saw this price level was in May 2021 amid the correction from the $1.96 peak in April of that year.