The post Market Analyst Says XRP Will Reach $589 No Matter How Much You Deny It appeared on BitcoinEthereumNews.com.

Amonyx, a well-known market analyst in the crypto community, has stirred attention with his bold view that $589 is an attainable price target. In a post on X on Monday, Amonyx boldly asserted that, regardless of how much critics deny it, XRP’s price explosion into the triple-digit range is bound to happen. Why XRP to $589 “Must Happen” The XRP market graph accompanying the post clearly depicted towering candles showcasing how XRP’s price could rally to as high as $589. The analyst provided no factors influencing this audacious forecast beyond technical analysis. Amonyx graph showing XRP to $589 Specifically, the chart illustrates two instances of giant symmetrical triangles in XRP’s historical chart. The first formation led to an all-time high rally for XRP following a breakout. As reported earlier, the cumulative growth XRP experienced from this breakout exceeded a staggering 75,000% price appreciation between Q1 2017 and Q1 2018. After this dramatic price surge, XRP similarly regressed over a period that has now spanned approximately seven years. Currently, XRP is at the breaking point of the triangle. Many market observers have noted that XRP has broken out of the triangle with its recent price surge to $0.66 over the weekend. Before the breakout, many analysts theorized how high XRP could go over the next few months after it occurred. Amonyx is among the most ambitious market watchers who believe a similar magnitude of price surge, or even higher, as seen in the previous case, will emerge. This forms the basis for his bold forecast of $589 for XRP. Indeed, from XRP’s current value of $0.62, rallying by 75,000% would place the asset’s price at $460. In other words, the analyst expects XRP’s price to surge even higher this time. Market participants sharing this view argue that if XRP could surge…

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Filed under: News - @ October 2, 2024 5:09 am