Amonyx, a well-known market #analyst in the #CryptocurrencyCommunity , has drawn attention with his bold opinion that XRP has the potential to reach $589. Despite criticism and skepticism, he believes this target is inevitable.
Why XRP Could Reach $589?
In a Monday post on the platform X, Amonyx stated that regardless of the critics' objections, #Xrp🔥🔥 is bound to climb into the $500+ range. His claim is supported by a chart showing a significant rise in XRP’s price, though he didn’t provide any fundamental reasons, relying solely on technical analysis.
Amonyx's Chart: XRP Heading for $589
According to Amonyx, the chart is based on two massive symmetrical triangles in XRP's historical data. The first formation led to a tremendous price increase in 2017 when XRP saw a price surge of more than 75,000% within one year.
Following this dramatic rise, XRP went through a period of stagnation and decline lasting several years. Now, $XRP is at the breakout point of another triangle, which Amonyx believes signals that another major price increase is imminent. The recent rise to $0.66 over the weekend supports the theory that XRP is ready for another price explosion.
A Repeat of the 2017-2018 Growth?
Amonyx and other market optimists ( #MarketOptimism ) believe that if XRP managed a 75,000% rise in the past, it could now experience an even higher increase thanks to the expanded use of XRP in various applications. Amonyx predicts that from its current value of $0.62, XRP could reach $589, representing an even larger growth than in 2017.
XRP at $589? Skeptics Are Doubtful
This optimistic view faces significant opposition. Critics argue that the $589 prediction is exaggerated and unrealistic. One commentator sarcastically responded to Amonyx's opinion by saying, "You must be smoking a lot," implying that the prediction is far-fetched.
At a price of $589, XRP's market capitalization would reach an incredible $58.89 trillion, which many deem impossible.
Is $589 Unlikely in This Bull Cycle?
While some agree that XRP could reach this value, many acknowledge that it is unlikely to happen in this bull cycle. Nevertheless, it remains a target that continues to fuel debate.
Notice:
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