Renowned market analyst and passionate community member Amonyx has confidently stated that XRP is poised for a significant surge as the chart indicates a strong potential for growth.
The cryptocurrency market has experienced a slow start to November following a remarkable recovery from a similar beginning last month. To provide context, Bitcoin and XRP have both seen a correction of 3.5% from their respective highs on November 1, reaching $71,448 and $0.5231.
Interestingly, XRP has shown a downward trend across various timeframes at the current moment. Specifically, the seventh-largest cryptocurrency by market cap has experienced corrections of 1.42%, 5.08%, and 17.51% on the weekly, monthly, and yearly timeframes, respectively.
Despite these declines, Amonyx recently identified a bullish pattern on the XRP chart that is expected to reverse the prevailing bearish momentum. The analyst expressed confidence by stating that they are prepared for a bullish upturn.
In a tweet on November 2, Amonyx highlighted an impending breakout on the XRP chart that is anticipated to propel the price to new heights. The expert suggested that the breakout is imminent and ready to trigger a significant price increase.
Analyzing a one-month timeframe chart, the analyst predicted an explosive price surge based on an expected breakout from a symmetrical triangle pattern. Amonyx speculated that this breakout could lead XRP to surpass its current all-time high multiple times, potentially reaching triple-digit figures.
The analyst’s chart indicates an ambitious price target of $225.9 per coin at the upper boundary of a wider ascending channel. This would represent an impressive 44,694% increase from XRP’s current price. Amonyx drew parallels to XRP’s performance during the 2017/2018 bull cycle, where the cryptocurrency surged by 60,000% to reach its all-time high of $3.31 after a breakout from a symmetrical triangle.
While Amonyx’s price prediction of $225.9 for XRP is considerable, it remains below the asset’s fair market value. Valhil Capital reported that XRP is undervalued based on ecological systems and adoption metrics, suggesting a fair value of $3,541. To reach this ambitious fair market value, XRP would need to increase by 7,013 times from its current price.
In contrast, Altcoin Moe has set a more “realistic” price target for XRP in the current bull cycle, expecting the cryptocurrency to reach a market cap of $500 billion, leading to a price of $5 per coin.
As of now, XRP is trading at $0.5055, showing a modest gain over the past 24 hours.
Disclaimer: This content serves as informational and should not be construed as financial advice. The opinions expressed in this article are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.
