Renowned cryptocurrency analyst Amonyx (@amonbuy) recently shared his latest insights on XRP, analyzing its price movement and potential future trajectory.
His technical analysis, aided by the captioned chart, showcases a detailed study of XRP’s recent price action and the key levels that could influence its next move. According to Amonyx, XRP seems to be approaching a critical juncture that could lead to a breakout.
The chart illustrates several key elements in XRP’s price development, following what appears to be an Elliott Wave pattern. Amonyx has marked five distinct waves, aligning with a potential bullish wave structure nearing completion.
This pattern often indicates future upward price movement in financial markets, and the chart shows that the same pattern sent XRP to its all-time high of $3.84 in January 2018.
Many analysts have pointed to that surge, expecting the digital asset to repeat it soon, the current wave structure suggests that it may have completed its fifth wave, implying that a significant price surge could follow soon.
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A Multi-year Symmetrical Triangle
Amonyx’s chart also shows that XRP has been consolidating within a triangle formation, and he highlights this as a critical aspect of the coin’s price movement.
The triangle formation suggests that the market is indecisive, with neither bulls nor bears taking full control. However, these consolidations tend to result in strong price movements, and Amonyx appears optimistic about a breakout to the upside.
According to the chart, Amonyx believes the upcoming surge could send XRP to $21.29. The digital asset is currently trading at $0.5386 and surged to $21.29 an astonishing 3,852.84%.
Amonyx’s technical setup also incorporates various indicators, such as the Stochastic RSI, MFI (Money Flow Index), Fisher Transform, and Momentum indicators.
The Stochastic RSI is near the overbought region, signaling that momentum may be slowing down. However, other indicators, such as the MFI, show strength in buying pressure, which could support the bullish outlook.
Amonyx described the upcoming rally as a “GIGA PUMP,” many other analysts have shared similar targets in the double-digit range XRP.
One notable analyst recently set a $10 to $20 target for the digital asset, and most analysts believe that it’s only a matter of time before XRP begins soaring to these remarkable heights.
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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