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:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“