Cryptocurrency analysts Amonyx and Egrag Crypto are optimistic about the outlook for XRP prices, believing that “big things” are about to happen. According to their analysis, the long-awaited XRP price breakout could happen soon.
XRP price is about to see a big change
Cryptocurrency analyst Amonyx said in an X post that XRP is about to see a big surge in price. His accompanying chart shows that the cryptocurrency could surge sharply to $75. The analyst based this prediction on the assumption that XRP will replicate a similar trend as it did during the 2017 bull run when its price surged by more than 61,000%.
Source: X
The chart shows that XRP consolidated for a year before breaking out and enjoying an unprecedented rally. In line with this, analysts have highlighted how XRP has been consolidating since then, suggesting that another price breakout is imminent.
Amonyx has recently become more bullish on the price of XRP. Prior to this, he predicted that the cryptocurrency would reach between $50 and $57 at the peak of this bull run. However, his most recent predictions offer a more optimistic outlook for XRP. Interestingly, he also recently predicted that the cryptocurrency could “explode” to $400.
These bullish XRP predictions are believed to be partly due to Bitwise and Canary Capital’s recent filing to offer an XRP ETF. These funds could potentially drive XRP up significantly as they would attract more institutional investors into the token’s ecosystem. Therefore, these XRP ETFs would have a positive impact on XRP prices, just like the spot Bitcoin ETFs have on Bitcoin prices.
Meanwhile, in the short term, Amonyx also expects that XRP price could surge significantly higher. In a recent X post, he shared an XRP/Bitcoin chart and told XRP holders that the God candle is coming.
Source: X
XRP’s breakout target worth watching
Cryptocurrency analyst Egrag Crypto highlighted that $0.61 and $0.62 are breakout targets to watch. He noted that the breakout points are getting lower and lower, adding that XRP still has up to 70 days to go before it reaches the final top of the breakout point.
Source: X
Egrag Crypto further noted that he believes a price breakout could happen sooner than expected, within the next 15 to 30 days. According to him, pressure is building and it won’t last long. In fact, XRP’s consolidation can be traced back to the 2021 bull run, when it failed to hit a new all-time high (ATH).
The $0.60 price level has also proven to be a strong resistance level for the token as it has retested and failed to break through this price level multiple times since Judge Analisa Torres rendered the final judgment in the Ripple SEC lawsuit in August.
At the time of writing, XRP is trading around $0.55, up more than 3% over the past 24 hours, according to CoinMarketCap.
