The cryptocurrency market is abuzz with speculation following a chart shared by prominent crypto analyst Amonyx (@amonbuy), highlighting a potential Giga Pump for XRP. The chart suggests an optimistic trajectory for XRP, projecting a price surge to $40 very soon.
According to Amonyx, this price surge has been confirmed, and this analysis has gained traction amid a series of favorable developments for the digital asset, including the possibility of an XRP exchange-traded fund (ETF) and major changes in the U.S. Securities and Exchange Commission (SEC).
CONFIRMED 🚨#XRP GIGA PUMP INCOMING 🚀 pic.twitter.com/b12zDWWrT9
— Amonyx (@amonbuy) November 19, 2024
Key Insights from the Chart
The chart provided by Amonyx captures a long-term trend, showing significant consolidation patterns since XRP’s last major surge in 2017. In the highlighted trend, XRP broke out of a triangular pattern during its previous rally to its all-time high in January 2018.
The current setup mirrors this historical formation, with the cryptocurrency trading in a narrowing consolidation range. The chart projects a breakout similar to the past, suggesting a dramatic rise to the $40 mark, an exponential increase from XRP’s current price levels.
Bullish Catalysts for XRP
Several factors strengthen the bullish sentiment surrounding XRP. Notably, the anticipation of an XRP ETF in the U.S., which Ripple CEO Brad Garlinghouse has described as inevitable, has sparked optimism among investors.
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ETFs are considered a gateway for institutional investors to enter the cryptocurrency market, potentially driving substantial capital inflows. If approved, such an ETF could act as a catalyst for significant price appreciation.
Additionally, rumors of SEC Chair Gary Gensler’s potential retirement have added to the excitement. Gensler’s regulatory stance has been viewed as stringent by many in the crypto community, and his departure could pave the way for more favorable regulatory frameworks.
XRP’s price rallied 20% following hints of his possible exit, demonstrating the excitement among market participants for his departure.
Is XRP Going to $40?
XRP recently crossed the $1 threshold for the first time since 2021, a milestone that has reignited interest among traders and investors. This move is seen as a signal of renewed market confidence in the asset.
The digital asset is currently trading at $1.12. Although an increase of almost 40x seems like a difficult task, other experts have projected similar targets. Also, the digital asset’s historical performance shows that it can achieve 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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