As a seasoned analyst with over two decades of experience in the financial markets, I find the recent bullish outlook for XRP from Amonyx and Egrag Crypto to be intriguing. Based on my understanding of market cycles and historical trends, their predictions seem plausible, especially considering the upcoming potential XRP ETFs.
According to crypto experts Amonyx and Egrag Crypto, the future looks promising for XRP prices as they anticipate a significant development ahead. Their analysis suggests that a long-anticipated surge in XRP pricing might occur very soon.
Something Big Is Coming For XRP Price
According to crypto expert Amonyx, posted on X, something significant is anticipated for the price of XRP. His graphically presented data suggests a potential huge surge in value for XRP, potentially reaching $75. This forecast derives from XRP mirroring its impressive 2017 bull run where its price skyrocketed more than 61,000%.
The chart showed that XRP consolidated for a year before it broke out and enjoyed that unprecedented rally. In line with this, the analyst highlighted how XRP has been consolidating since then, suggesting another price breakout is imminent.
Amonyx has become increasingly optimistic about the price of XRP in recent times. Previously, he forecasted that the cryptocurrency would peak between $50 and $57 during this bull market. However, his latest prediction presents a more optimistic stance for XRP. Notably, he also recently suggested that XRP could experience a significant surge, or “giga pump”, potentially reaching $400.
The optimistic forecasts for XRP are partly attributed to the recent applications by Bitwise and Canary Capital for an XRP Exchange-Traded Fund (ETF). If approved, these funds could potentially trigger a strong surge in XRP’s value as they would draw more institutional investors into the coin’s market. Consequently, the launch of XRP ETFs could boost the price of XRP similar to how Spot Bitcoin ETFs influenced the price of Bitcoin.
Currently, Amonyx anticipates a potential increase in the near future for XRP prices. In a recent update on his platform, he revealed an XRP/BTC chart and hinted to XRP owners that a ‘God candle’ (a significant bullish reversal candlestick) might appear soon.
XRP’s Breakout Target To Keep An Eye On
Crypto expert Egrag Crypto identified $0.61 and $0.62 as potential points for a price surge. He mentioned that this significant price level might be reached sooner due to a lowering breakout threshold, and further emphasized that XRP has approximately 70 days left before it reaches the peak of its breakout phase.
Egrag Crypto stated with confidence that the price surge might occur earlier than anticipated, potentially within the next two weeks to a month. He believes the tension is growing and won’t remain confined for long. Notably, XRP’s consolidation period stretches back to the 2021 bull run when it fell short of reaching a new record peak (ATH).
The 0.60 dollar mark has shown significant resistance for the coin, as it has repeatedly been tested but failed to surpass it after Judge Analisa Torres’ final verdict in the Ripple vs. SEC lawsuit in August.
presently, the value of XRP is being exchanged at approximately $0.55, with an increase of more than 3% within the past day, as shown by information from CoinMarketCap.
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2024-10-18 03:04