A prominent market strategist, Amonyx (@amonbuy), has recently renewed interest in XRP by highlighting a technical indicator that aligns with XRP’s price movement leading up to its all-time high in January 2018. This has ignited discussions within the cryptocurrency community regarding the potential for a significant XRP price increase.
Amonyx’s analysis points toward what seems to be a hidden bullish divergence, although without an accompanying oscillator chart. However, the chart shows XRP making higher lows for an extended period before a final record-breaking rally.
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This specific pattern was observed before XRP’s historic surge in 2018. The chart shows XRP is repeating this pattern, and Amonyx suggests a similar surge is on the horizon.
Detractors Within the XRP Army
However, Amonyx’s prediction is not without its detractors. Several community members expressed skepticism, citing the numerous past predictions of a substantial XRP price increase that have not materialized. One user likened such predictions to “crying wolf,” implying a history of inaccurate forecasts.
Another user pointed out that despite years of optimistic predictions, XRP’s price remains around $0.48, a significant distance from its all-time high. However, he blamed Bitcoin’s volatility, stating that Bitcoin’s crashes always bring XRP and the broader crypto market down despite bullish predictions.
A similar scenario played out in March 2024. Bitcoin climbed to a new all-time high following the approval of Bitcoin ETFs in January 2024. The entire crypto market experienced a massive surge, with Shiba Inu climbing almost 400% and many other cryptocurrencies experiencing similar surges.
However, a major correction followed this surge, and the entire crypto market followed Bitcoin on this downward spiral.
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Reasons for XRP’s Underperformance
Although Bitcoin’s movement is a major influence on XRP, some of the skepticism stems from the ongoing legal battle between Ripple, the company behind XRP, and the U.S. Securities and Exchange Commission (SEC).
This lawsuit hurt XRP’s growth, preventing it from reaching a new all-time high in the 2021 bull run. This lawsuit is ongoing, and some believe it might hamper XRP’s performance in the 2024 bull run.
A positive resolution to the lawsuit could significantly improve investor sentiment and potentially influence a price increase. An ex-Ripple director believes XRP will not climb significantly until the lawsuit ends and thinks the only way XRP will not perform spectacularly is if the court rules against Ripple. The lawsuit is near its end, and Ripple CEO Brad Garlinghouse recently shared a potential timeline for the final ruling.
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. Times Tabloid is not responsible for any financial losses.
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