The post XRP Holds Strong As Top Analyst Predicts $50 This Cycle appeared on BitcoinEthereumNews.com.

XRP is holding above a key support level despite significant selling pressure and fear in the crypto market. After experiencing a 20% retrace since August 24, the price remains stable above the $0.50 mark, sparking hope among investors and analysts. This crucial support level has become a focal point, as it could indicate resilience in an otherwise bearish market.  The stability has fueled optimism, with some analysts now targeting higher price levels for XRP in this market cycle, assuming the support continues to hold. As the broader market experiences uncertainty, Ripple’s performance at this level could determine its next major move. Investors and traders are closely watching price action to assess whether a recovery is on the horizon or further downside awaits. XRP Next Move Could Shock The Market XRP has been one of the most controversial cryptocurrencies in the market, not just because of the ongoing SEC lawsuit or its unpredictable price action over the past few years, but also due to the highly optimistic predictions from certain investors and traders who argue that it remains undervalued.  One of these figures is Amonyx, a well-known analyst who recently shared a detailed technical analysis on X, forecasting a price target of $50 to $57 for this market cycle. His analysis includes a chart displaying two exponential bands, which project potential lower and upper price levels in the long term. XRP 1W price target 2025. | Source: Amonyx on X XRPUSD 1 W chart on TradingView Amonyx’s prediction is just one of many that reflect a bullish outlook. Despite the regulatory uncertainties and current market conditions, these forecasts suggest that some traders and investors view Ripple as a promising asset poised for significant growth. According to these analyses, the current consolidation phase and support levels may offer an opportunity for market…

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Filed under: News - @ September 7, 2024 7:00 pm