The price of XRP has surged by more than 37% over the last 30-day period, significantly outperforming the wider cryptocurrency market as the flagship cryptocurrency Bitcoin ($BTC) rose just 5.9% over the same period.
According to a popular cryptocurrency analyst on the microblogging platform X (formerly known as Twitter), Javon Marks, the price of XRP has now broken out of a “massive” 2,351 day “resisting trend,” which means that a potential price target above the $150 mark “is now in play.”
Marks’ bullish prediction argues that the token could also see a jump of over 21,000% from its current level around the $0.658 mark with a “full Logarithmic Follow through.” A chart he shared, however, points to a further rise to $264.5 per token leading him to say this “may be just beginning.”
As reported, several altcoins including the meme-inspired cryptocurrency Shiba Inu, Cardano’s native token ADA, and XRP could soon bounce back based on a key technical indicator suggesting these cryptocurrencies are currently undervalued.
According to on-chain analytics firm Santiment, these altcoins could soon see wide cryptocurrency market values based on their Market Value to Realized Value (MVRV) Z-Score, a metric that compares an asset’s current valuation to its historical trading patterns.
The indicator was reportedly created by Awe & Wonder, building on the work of Murad Mahmudov and David Puell. It measures the difference between the cryptocurrency’s total market capitalization and its realized market capitalization divided by the standard deviation of the market cap.
The MVRV Z-score indicator shows how many standard deviations the market value differs from the realized value. It indicates whether investors are making a profit, with scores above 7 suggesting a high probability of a bubble having formed, while scores below zero suggest the market is bleeding.
Featured image via Pixabay.
