The crypto market is experiencing a particularly strong phase with impressive performances from various digital assets. The Bitcoin price reached a new all-time high today, approaching the psychological mark of $100,000. Other cryptocurrencies, including XRP, are also showing significant gains.
Within just two weeks, the value of XRP has risen by almost 100 percent. Although this is already an impressive increase, crypto analyst Amonyx predicts that the price could rise even further. According to his analysis, XRP is on the verge of a massive price increase, with a possible peak of $40 in the near future.
Key insights from the chart
The chart from analyst Amonyx highlights a long-term trend in which XRP has shown notable consolidation patterns since its last major rise in 2017. During the previous rally, which peaked at the all-time high in January 2018, XRP broke out of a triangular pattern, triggering a strong price increase.
According to the current analysis, there are significant similarities with this historical formation. XRP is currently in an increasingly tight consolidation phase, which according to the chart indicates a potential breakout. This breakout could drive the price to $40, an exponential increase compared to the current price level.
Promising developments for XRP
Analyst Amonyx's forecasts are supported by a number of positive developments surrounding XRP. One of the most discussed factors is the potential approval of an XRP Exchange-Traded Fund (ETF) in the United States. Ripple CEO Brad Garlinghouse called such an ETF "inevitable," significantly increasing interest and optimism among investors.
ETFs are often seen as an entry point for institutional investors, as they provide an easy way to invest in the crypto market. An approved ETF could therefore generate significant capital inflow into XRP and serve as an important catalyst for a strong price increase.
Additionally, Donald Trump's recent election victory brings further optimism for Ripple. Trump is known for his plans to introduce a more crypto-friendly policy in the US. This could give Ripple the opportunity to finally leave their legal troubles behind.
Can XRP really rise to $40?
Whether XRP can actually rise to $40 remains a subject of debate, but there are reasons for optimism. Recently, XRP surpassed the $1 mark for the first time since 2021, restoring confidence in the digital asset. The current price of $1.12 marks an important recovery point, even though a 40-fold increase seems ambitious. Nevertheless, many analysts have mentioned similar price targets, and XRP's historical performance shows that such impressive increases are not impossible.
With a combination of factors such as the potential approval of an ETF, a possibly more favorable regulatory environment, and strong technical trends, XRP seems to be positioning itself for a promising future.
Source: newsbit
