According to crypto analyst Javon Marks, XRP is poised for a breakout that could lead to a substantial price increase, potentially sparking a 2017-style bull move.

Historical data indicates XRP’s price surged from below $0.01 to nearly $3.50 in 2017, marking an approximate 42,700% increase. The current technical setup shows XRP nearing the apex of a long-term descending triangle pattern, suggesting a significant breakout might be imminent.

$XRP (Ripple) is RIGHT NEAR a point of BREAKOUT !

A breakout has the potential to spark a more than 300X, 2017 Style bull move into the $100s… https://t.co/fFRvHYITYn pic.twitter.com/sDJWAJcZ8A

— JAVON⚡️MARKS (@JavonTM1) July 17, 2024

Historical Data and Current Technical Setup

The chart analysis highlights XRP’s previous bull run in 2017, where it experienced a substantial increase in value. After peaking, the price has been consolidating within a descending triangle pattern. This pattern often indicates a potential breakout when the price approaches the apex.

The volume analysis further strengthens this prediction, showing a low volume often precedes significant price movements.

Volume Analysis and Breakout Potential

During the 2017 bull run, volume spikes indicated strong buying interest. Currently, the volume appears relatively low, a condition that often precedes a large price move. Marks suggests that a breakout from the current pattern could mirror the 2017 bull run, potentially increasing XRP’s price by over 300 times its current value.

Javon Marks, in another analysis, mentioned a potential breakout from a massive coil or “symmetrical triangle” pattern. This breakout, coupled with a full logarithmic follow-through, could result in a significant price increase, potentially reaching over $150.

Current Sentiment and Market Reaction

As of now, XRP is trading at $0.5722, with a 24-hour trading volume of $3,867,401,689, showing a 6.91% decrease in the last 24 hours. Trader sentiment follows the price action, with bullish narratives emerging for XRP. According to Santiment, XRP has seen a notable price increase, leading to a shift in trader sentiment towards a more positive outlook.

XRP Santiment

Additionally, XRP’s recent performance has caught the attention of prominent U.S. exchange Gemini. This surge marked over 60% growth since the bearish trend reversed on July 5. Although XRP has corrected some of its gains, it remains the top-performing cryptocurrency among the top 10 assets over the past week.