Cryptocurrency analyst Amonyx, in a post on X (formerly Twitter), noted that a massive "God candle" is brewing, which could lift XRP's price to $57. Based on the chart shared by the analyst, the crypto token is expected to reach this price level at some point next year, perhaps at the peak of this market cycle.
The analyst did not provide any explanation as to what exactly is driving XRP to such an ambitious price target. However, a recent X post by the analyst suggests that he believes the potential launch of a spot XRP ETF could take the crypto token to unprecedented heights. A spot XRP ETF is a catalyst that other crypto analysts, such as Common Sense Crypto, have also mentioned as an explanation for why XRP's price could even reach triple digits. An XRP ETF would undoubtedly drive new money into the XRP ecosystem, leading to a surge in price. However, whether such a fund could push XRP to such highs remains to be seen.
The likelihood of a spot XRP ETF appears to have increased following the recent conclusion of the case between Ripple and the SEC. However, members of the XRP community may have had high expectations for the launch of such a fund and its impact on XRP’s price, especially after seeing how the crypto token performed after the lawsuit was concluded. The settlement of the case between Ripple and the SEC was expected to be a catalyst that would push XRP to $1 in the short term. However, XRP has shown no signs of reaching this price level in the short term, and even after the recent ruling by Judge Analisa Torres, it has not been able to break through the $0.6 resistance level.
