The cryptocurrency market has been closely watching XRP’s remarkable performance, with the digital asset experiencing an impressive surge of over 300% in the past month. This substantial growth has spurred many bullish predictions for the digital asset.
Despite the significant recent gains, many analysts believe the asset still has considerable room for further expansion. The current market dynamics suggest a complex environment that could potentially support additional price appreciation, and many analysts are targeting new all-time highs.
Love it or hate it, the #XRP explosion will begin unexpectedly.
pic.twitter.com/4GBCI0YD1q
— Amonyx (@amonbuy) December 8, 2024
How High Can XRP Go?
Amonyx (@amonbuy), a well-respected crypto analyst on X, recently shared insights into XRP’s potential. He highlighted a long-term consolidation pattern that could bring substantial gains. He attached a chart showing that XRP has been consolidating for seven years, an unprecedented length in the crypto market.
This consolidation phase began after XRP hit its all-time high of $3.84 in January 2018, and many prominent analysts have pointed to similar extended consolidation phases. The current price movements suggest that breaking out of this established range could signal a significant breakthrough for the cryptocurrency.
Amonyx expects the surge following this extended consolidation to shock the market. He stated on X, “Love it or hate it, the #XRP explosion will begin unexpectedly.” Although Amonyx did not provide a specific target, his chart suggests that the digital asset could reach double digits.
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Other Experts Predict Huge Surge for XRP
BarriC (@B_arri_C) provided a deeper dive into XRP’s potential trajectory. He believes the asset is gearing up for a massive run, and expects it to climb from $2.5 to $10, and eventually hit $20. The digital asset is currently trading at $2.24 after a decline from yesterday, but it is still showing bullish signs and could reverse its trajectory soon.
BarriC also listed a few factors that could lead to higher prices than $20. First of these is the successful launch of a BlackRock XRP ETF. Multiple asset managers have applied for XRP ETFs.
BlackRock has not officially submitted an application, but as the world’s largest asset manager, a BlackRock XRP ETF could be the biggest in the market, and give the asset the boost it needs to surpass $20.
Following the current cycle, BarriC believes utility will help XRP keep growing. XRP powers Ripple’s vast network and provides cheap and efficient cross-border payments. With its growing adoption, XRP’s utility and popularity are rising. He believes utility can help the digital asset reach triple digits after the current cycle.
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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