Recently, Amonyx (@amonbuy), a respected crypto analyst on X, shared his analysis of XRP’s price trajectory, suggesting that the asset is primed for a significant breakout.
His analysis has garnered attention due to its reference to XRP’s historical price behavior within an ascending channel, citing a forecast for a major surge.
According to Amonyx, XRP has been moving within an ascending channel, a pattern often seen in technical analysis where an asset’s price oscillates between upward-trending lines.
This pattern can signal both strength and the potential for a breakout. However, what stands out in his analysis is the comparison to XRP’s behavior leading up to its all-time high in January 2018, when it reached $3.84.
something big is coming #XRP
Be ready pic.twitter.com/NWCk0rLhtn
— Amonyx (@amonbuy) October 14, 2024
XRP’s Journey to a New All-time High
Amonyx showed on the chart that XRP previously broke below the lower trendline of the ascending channel in 2017 before it embarked on a rally that culminated in its historic peak. He notes that it took exactly 364 days from the moment XRP fell through the lower trendline to when it hit its all-time high.
Remarkably, XRP has again fallen through this critical bottom trendline, and according to Amonyx’s projections, the 364-day cycle will be completed on 30 December 2024. His forecast suggests that if history repeats itself, XRP could experience a significant surge as it breaks out of its current consolidation phase.
Notably, other prominent analysts have shown multiple ways that the digital asset can repeat the 2017 rally, as this would send it to unimaginable targets.
Amonyx expects XRP to rally to $58.4, a substantial increase from its current price of $0.5397. His chart implies that this breakout is tied to the asset’s cyclical nature and its long-term price movements, which have been punctuated by periods of consolidation followed by sharp upward movements.
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Can XRP Hit the $58 Target?
While this analysis is based on technical chart patterns, it is important to acknowledge that the cryptocurrency market is influenced by factors including, regulatory developments, market sentiment, and macroeconomic conditions.
XRP has been subject to regulatory scrutiny in recent years, particularly due to the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
External factors like the SEC’s recent appeal could influence the asset’s price movements regardless of technical patterns.
However, a Wall Street veteran recently told the XRP army not to worry about the SEC’s appeal, renewing hope that the digital asset will do much better in the short term.
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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