- An analyst highlights XRP’s 7-year Pennant Pattern, predicting a bullish breakout based on confirmed RSI trends.
- Grayscale aims to convert its Digital Large Cap Fund, which includes XRP, into a spot ETF.
In a tweet, popular crypto analyst Javon Marks shared XRP’s unusual performance trends and pointed out that the altcoin is about to rise significantly. Marks claims that XRP from Ripple is among the most often discussed and infamous altcoins available on the crypto market nowadays.
Already established RSI patterns suggest a bullish breakout of a near 7-year Pennant Pattern, and the subsequent bullish movement could be akin to XRP’s dramatic 2017-2018 run.
One of the most spotlighted and notorious Altcoins in the crypto market right now, Ripple’s $XRP.
Already confirmed RSI patterns point towards a bullish breakout of a near 7 Year Pennant Pattern and a bullish move in result of can be similar to XRP’s dynamic 2017-2018 run ⚡️… pic.twitter.com/8ghC0yc9rD
— JAVON⚡️MARKS (@JavonTM1) October 19, 2024
Mixed Sentiments Emerge as XRP Future Faces Scrutiny
This analysis has attracted a lot of attention, and some XRP enthusiasts still find hope. They think the chart patterns show a strong rising momentum, much like the asset went through years past. Still, opinions vary among people. Some users on X voiced doubts, implying that XRP’s finest days might be behind it.
One user expressed a different view, stating that Dogecoin would surpass XRP in market cap during this cycle on a more permanent basis and also believed that XRP would no longer be a top 10 coin. The user suggested that holders of XRP should cut their losses and seek out higher-performing assets.
This pessimistic outlook reflects the broader concern about XRP’s future, despite technical signs indicating a potential recovery.
Meanwhile, XRP has swapped hands about $0.5416 as of writing, consolidating over the last seven days. Although Marks’ forecast of a breakout fits this phase of consolidation, it is yet unknown if the action will be as dramatic as some traders wish.
Although historical trends and RSI patterns suggest a possible positive surge, market conditions and outside events could affect the path of the asset.
Beside that, a big participant in the digital asset market, Grayscale just made news for its continuous attempts to grow crypto-based financial products. As we previously reported, Grayscale has asked the SEC to turn its $520 million Digital Large Cap Fund—which tracks many cryptocurrencies, including XRP—into a spot ETF.
Should this be approved, XRP’s profile in institutional investment circles might be much improved, hence enhancing demand and price performance.
