XRP will hit $589 no matter how much you deny it

Amonyx, a well-known analyst in the crypto community, has attracted attention for saying that XRP can hit a price target of $589.

In an article on X on Monday, Amonyx asserted that no matter what the critics think, XRP's surge to triple digits is bound to happen.

Why XRP is "bound" to hit $589

The attached XRP market chart has towering candles that show a rally to $589, but the analyst does not mention other factors that affect this prediction besides technical analysis.

The chart shows two instances of symmetrical triangles in XRP's historical chart. The first formation allowed XRP to break out to a new all-time high, and XRP accumulated more than 75,000% growth from the first quarter of 2017 to the first quarter of 2018 due to this breakout.

After the huge price surge, XRP fell back in the past seven years. Now XRP is at the breaking point of the triangle, having broken out of the triangle and soaring to $0.66 over the weekend.

Before the breakout, many analysts speculated how high XRP could rise after the breakout, and Amonyx was the most radical, believing that there would be a similar or even higher increase. This is the basis for his prediction that XRP would reach $589. From the current $0.62, a 75,000% increase is $460, and he expects it to rise even higher this time.

Some people with the same view believe that if it could rise 750 times seven years ago, it would rise even more now due to the expanded practicality of the XRP network.

$589 is unlikely to be a bull market

This view is controversial, and many people think it is wishful thinking. Someone responded to Amonyx humorously saying "You smoke a lot of cigarettes", implying that it is a fantasy rather than a reasonable prediction.

You know, a price of $589 would make XRP's market value reach $58.89 trillion, a huge number that many people disdain. There are also people who agree with the prospect of $589 who also say that this bull market may not be realized.