The cryptocurrency market is known for its extreme volatility and the highly speculative nature of price predictions. XRP, one of the most established digital assets, is no stranger to such trends. Recently, Amonyx (@amonbuy), a well-known analyst on X, shared a technical chart suggesting a significant bullish outlook for XRP.
He remarked, “The perception that XRP will never rise has completely settled in everyone’s mind. Be ready.” This bold statement reflects a growing sentiment among some analysts that XRP may be on the verge of a major price breakout.
The perception that #XRP will never rise has completely settled in everyone's mind.
Be ready. 🔥🚀 pic.twitter.com/qwNEhEOp6n
— Amonyx (@amonbuy) October 11, 2024
Amonyx’s chart displays a technical pattern known as a bullish pennant, a continuation pattern often indicative of upward momentum after consolidation.
Such patterns are frequently monitored by traders for signals of potential breakouts, and the chart showcases how XRP has been forming this pattern over a prolonged period, with the price oscillating within a tightening range, confined by converging trendlines.
Understanding the Bullish Pennant
A bullish pennant typically follows a steep rise, known as the flagpole, which indicates strong buying momentum. This is followed by a period of consolidation, where the price moves sideways or slightly downward, forming the pennant shape. When the price breaks out of the pennant, it usually signifies a resumption of the upward trend, often leading to another significant rally.
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Potential Targets for XRP
The flagpole is visible in the chart, formed by XRP’s rise to its all-time high in January 2018. Notably, another prominent analyst recently predicted a surge to $2 based on a similar technical formation. However, Amonyx has higher expectations for XRP based on the current pattern on its chart.
The chart’s anticipated breakout shown by the dashed lines suggests that XRP may experience an explosive upward move matching its surge in 2017 which took it to $3.84 in January 2018. Once it breaks out of the pennant formation, Amonyx believes XRP can rise to $589, smashing through the most bullish predictions in the market.
XRP is trading at $0.5379, with a slight 0.51% decrease over the last 24 hours. The $589 target represents a remarkable increase of over 100,000%. Although this surge seems impossible, other prominent market analysts have shared similar expectations of 100,000% surges for the digital asset, bolstering the confidence of community members that XRP can reach these targets.
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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