XRP has been on the radar of cryptocurrency investors for quite some time now, and the latest prediction by analyst Javon Marks has taken the crypto world by storm. Marks has suggested that XRP could surge by a staggering 3,900% in this cycle, potentially hitting $99. This bold forecast is rooted in the historical performance of the asset, particularly drawing comparisons to its price movements during the 2017 rally.

The Historical Comparison

One of the key factors that Marks uses to justify his price target is the historical pattern XRP followed in the 2017 bull run. Back then, the cryptocurrency had a massive rally, breaking through its all-time high (ATH) and reaching new heights. According to Marks, the current price action of XRP mirrors the behavior it exhibited during that period. He pointed out that XRP has recently encountered a resistance zone near its ATH, just like it did back in 2017. After overcoming that resistance, XRP experienced an explosive rally that pushed it well beyond its previous peak.

Marks emphasized that if history repeats itself, we could see XRP follow the same trajectory and experience a dramatic rise in the near future. The analyst believes that the cryptocurrency could witness a 40X increase in value, which would bring it to a price point of $99—a massive 3,900% higher than its current price of around $2.41.

The Potential Market Cap

A price target of $99 would imply a market capitalization of around $5.7 trillion, based on the circulating supply of XRP. However, if we consider XRP’s fully diluted valuation, the market cap could reach anywhere between $9 trillion and $10 trillion. This would place XRP among the most valuable assets in the world, surpassing the market cap of Bitcoin and even gold.

Although this prediction is speculative, Marks’ analysis has certainly caught the attention of other market watchers. Some believe that XRP’s historical performance and the continued development of Ripple’s global partnerships could make such a surge possible. However, others remain cautious and question whether the 2017 pattern is still relevant in today’s market.

Criticism of the 2017 Pattern

Not everyone agrees with Marks’ prediction, and some analysts have criticized the reliance on the 2017 fractal pattern to forecast XRP’s price movements. Analyst Dom, for example, argued that the market has changed significantly since 2017 and that trying to draw parallels with that year is no longer valid. According to Dom, the market dynamics have shifted, and the patterns that worked in 2017 may not be applicable to the current market situation.

While looking back at past price movements can sometimes offer valuable insights, many believe that the 2017 rally was an anomaly, and the market has evolved significantly since then. The rise of decentralized finance (DeFi), the growing interest in Bitcoin and other cryptocurrencies, and the regulatory environment have all contributed to a drastically different market landscape.

Beyond Technical Analysis

Beyond technical charts and patterns, some analysts are also bullish on XRP due to its fundamental potential. XRP is seen as a faster, cheaper alternative to traditional cross-border payment systems like SWIFT, and Ripple has formed numerous global partnerships with major financial institutions. Additionally, there is speculation that XRP could be included in the U.S. strategic digital asset reserve, which would significantly boost its adoption and price.

However, most experts caution against overly optimistic expectations. While XRP’s utility in the financial sector is promising, the cryptocurrency faces significant challenges, including ongoing regulatory uncertainty and competition from other blockchain projects. These factors could limit the extent of XRP’s price appreciation in the short term.

Conclusion

Javon Marks’ prediction that XRP could soar to $99 represents a bold and highly optimistic view of the cryptocurrency’s future. While history has shown that XRP can experience massive price surges, the path to such a dramatic increase is far from guaranteed. Investors should consider both the bullish technical scenarios and the broader challenges facing XRP as they weigh the likelihood of this ambitious prediction coming to fruition.