Amonyx, a well-known market analyst in the crypto community, has stirred attention with his bold view that $589 is an attainable price target.
In a post on X on Monday, Amonyx boldly asserted that, regardless of how much critics deny it, XRP’s price explosion into the triple-digit range is bound to happen.
Why XRP to $589 “Must Happen”
The XRP market graph accompanying the post clearly depicted towering candles showcasing how XRP’s price could rally to as high as $589. The analyst provided no factors influencing this audacious forecast beyond technical analysis.
The chart illustrates two instances of giant symmetrical triangles in XRP’s historical chart. The first formation led to an all-time high rally for XRP following a breakout. As reported earlier, the cumulative growth XRP experienced from this breakout exceeded a staggering 75,000% price appreciation between Q1 2017 and Q1 2018.
After this dramatic price surge, XRP similarly regressed over a period that has now spanned approximately seven years. Currently, XRP is at the breaking point of the triangle. Many market observers have noted that XRP has broken out of the triangle with its recent price surge to $0.66 over the weekend.
Before the breakout, many analysts theorized how high XRP could go over the next few months after it occurred. Amonyx is among the most ambitious market watchers who believe a similar magnitude of price surge, or even higher, as seen in the previous case, will emerge.
This forms the basis for his bold forecast of $589 for XRP. Indeed, from XRP’s current value of $0.62, rallying by 75,000% would place the asset’s price at $460. In other words, the analyst expects XRP’s price to surge even higher this time.
Market participants sharing this view argue that if XRP could surge by 750X based on speculation seven years ago, its pump this time would be more intense due to expanded utility on the XRP network.
$589 Unlikely This Bull Season
However, this perspective is keenly contested, with many dismissing it as wishful thinking. For instance, in response to Amonyx’s bold forecast that $589 must happen for XRP, a commenter humorously remarked, “You smoke a lot,” suggesting he is merely hallucinating rather than making a realistic price proposition for XRP.
Notably, at a price of $589, XRP would have a market cap of $58.89 trillion, an enormous figure that leads many to dismiss such projections.
Meanwhile, another commenter who agrees with the $589 outlook suggested that such a target may not be attainable in this bull run.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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