XRP, one of the worst year-to-date performers among top cryptocurrencies, is potentially on the brink of a major rally, says renowned crypto analyst Javon Marks. Marks draws a parallel between XRP's current price action and its monumental rise from 2016 to 2017.
In a recent post, Marks highlights a 'Hidden Bullish Divergence' on XRP's chart, indicating a possible significant price increase. This technical indicator suggests the downward trend is losing strength, hinting at a bullish turn.
Marks' analysis shows XRP exhibiting similar signs to its historic rise from about $0.0066 to over $3.30, suggesting we may witness another extraordinary performance from XRP and Ripple soon.
Adding to XRP's potential resurgence is its recent legal battle resolution with the SEC. The case, which began in December 2020, concluded with Ripple being fined $125 million, much lower than the SEC's initial $2 billion claim.
Judge Analisa Torres ruled in July 2023 that Ripple violated securities laws in direct institutional sales but not in dealings on exchanges accessible by retail investors. This development provides clearer regulatory footing for XRP, possibly aiding its anticipated market surge.
