Amonyx (@amonbuy), a prominent crypto expert on X, has shared a notable price prediction for XRP. The forecast, which suggests a potential triple-digit XRP price, has sparked intense debate among investors.
Amonyx’s prediction is rooted in technical analysis, specifically focusing on the formation of symmetrical triangles in XRP’s price chart. The analyst points to historical data, noting a similar pattern that preceded XRP’s all-time high. Between early 2017 and early 2018, it experienced a remarkable price appreciation exceeding 75,000%, eventually hitting its all-time high of $3.84 in January 2018.
Amonyx’s chart indicates that XRP may be at a critical juncture, about to break out from a seven-year consolidation pattern. Notably, the digital asset surged to $0.66 over the weekend, signaling a breakout from the consolidation triangle.
Based on Amonyx’s chart, the digit asset is about to recreate the surge from 2017, and he set a target of $589. Amonyx showed confidence in his target, writing, “No matter how much you deny it, this will happen.”
Factors Supporting the Bullish Outlook
Other notable analysts have shared the $589 target for XRP, and some proponents of the bullish scenario argue that its potential for price appreciation is even greater now than seven years ago. The digital asset now has expanded utility, and the ecosystem has much more to offer than it did in early 2018.
In late 2023, Good Morning Crypto, a notable analyst on X, predicted a higher surge than in 2017 based on this logic. He believes that if speculation alone could drive the 2017 rally, the combination of speculation and increased utility could potentially result in an even more substantial price surge.
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Skepticism and Market Realities
Despite the optimistic projection, many market participants view the $589 target with significant skepticism. Critics argue that such a valuation is unrealistic, pointing out that it would result in a market cap that vastly exceeds the current market cap of the entire cryptocurrency sector, leading many to dismiss it as implausible.
At time press time of press, XRP traded at $0.556, after a massive 7.01% decline over the past 24 hours. This decline might put it back in the consolidation triangle unless it can stage another recovery and solidify the recent breakout.
Despite the uncertainty, Bitwise recently filed for an XRP ETF, and the excitement surrounding this development could help the digital asset’s resurgence. Amonyx believes the $589 price cannot be denied, and if XRP can successfully break out of the consolidation phase, it could potentially hit that target.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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