2024-8-16 04:30 |
Crypto analyst Amonyx has laid an ultra bullish price prediction for the XRP price, predicting that the crypto token could reach double digits at some point. This comes amid XRP’s continued underperformance despite the conclusion of the case between Ripple and the US Securities and Exchange Commission (SEC).
Massive God Candle To Send XRP Price To $57Crypto analyst Amonyx mentioned in an X (formerly Twitter) post that a massive God candle was loading, which would send XRP’s price to $57. Based on the chart that the analyst shared, the crypto token will rise to this price level sometime next year, possibly at the peak of this market cycle.
The analyst failed to provide insights into what could cause XRP to reach such an ambitious price target. However, a more recent X post from the analysts suggests that the analyst believes that the potential launch of a Spot XRP ETF could allow the crypto token to reach such unprecedented heights.
A Spot XRP ETF is a catalyst that other crypto analysts, like Common Sense Crypto, have also alluded to explain why XRP’s price could even reach three digits. An XRP ETF will undoubtedly cause new money to flow into the XRP ecosystem, leading to a price surge. However, it remains uncertain that such a fund can push XRP to such lofty heights.
The likelihood of a Spot XRP ETF launching looks higher following the recent conclusion of the case between Ripple and the SEC. However, members of the XRP community will likely be cautious about getting their hopes too high about the launch of such a fund and the impact it could have on XRP’s price, especially having seen how the crypto token has performed since the lawsuit ended.
The conclusion of the case between Ripple and the SEC was projected to be a catalyst that could send XRP to as high as $1 in the short term. However, XRP has shown no signs of reaching that price mark anytime soon, as it failed to break above the $0.6 resistance even after Judge Analisa Torres’ recent ruling.
XRP’s Bullish Breakout Will Send Price To $263Crypto analyst Javon Marks has offered a more bullish price prediction for XRP, stating that a bullish breakout could send the crypto token to $263 based on the Full Logarithmic Follow-Through indicator.
The analyst added that this bullish breakout is more than possible, noting that XRP is nearing the converging point of a near “7-year consolidation/pattern development.” He added that the crypto token has also displayed multiple bullish signals, suggesting that this bullish breakout could happen at some point.
At the time of writing, XRP is trading at around $0.56, down over 2% in the last 24 hours, according to data from CoinMarketCap.
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