Analysts Bullish: “Something Big” Coming for XRP Price

This article is also available in Spanish.

Crypto analysts Amonyx and Egrag Crypto have a positive forecast for the XRP price, suggesting that “something significant” is on the way. Their analysis indicates that the eagerly anticipated price breakout for XRP could be approaching.

Something Significant Is Coming For XRP Price

Crypto analyst Amonyx expressed in a post that something major is in store for the XRP price. His accompanying chart suggested that the cryptocurrency could experience a substantial surge to $75. This prediction was made based on XRP mirroring a similar trajectory witnessed during the 2017 bull market when its price soared by over 61,000%.

The chart illustrated that XRP consolidated for a year before it broke out and experienced that unprecedented surge. In line with this, the analyst pointed out how XRP has been in a consolidation phase since then, indicating another price breakout could be on the horizon.

Amonyx has become increasingly optimistic about the XRP price recently. Previously, he forecasted that the crypto would reach between $50 and $57 at the peak of this bull cycle. However, his latest prediction presents a more optimistic view for XRP. Notably, he also recently forecasted that the cryptocurrency might experience a “giga pump” to $400.

These lofty XRP predictions are believed to be partially fueled by the recent filings by Bitwise and Canary Capital to launch an XRP ETF. These funds could catalyze a significant rally for XRP as they would draw in more institutional investors to the coin’s ecosystem. Hence, these XRP ETFs are expected to have a favorable effect on the XRP price similar to how the Spot Bitcoin ETFs have impacted Bitcoin’s value.

In the short term, Amonyx also anticipates that the XRP price may enjoy a substantial rally. In a recent post, he shared an XRP/Bitcoin chart and informed XRP holders that a significant price move is coming soon.

XRP’s Breakout Target To Watch

Crypto analyst Egrag Crypto emphasized $0.61 and $0.62 as key breakout points to monitor. He remarked that the breakout point is gradually lowering and mentioned that XRP has a maximum of 70 days remaining before it reaches the final peak of the breakout point.

Egrag Crypto further expressed confidence that the price breakout might occur sooner than anticipated, within the next 15 to 30 days. According to him, the pressure is mounting and will not remain contained for much longer. Indeed, XRP’s consolidation has been ongoing since the 2021 bull run when it failed to achieve a new all-time high (ATH).

The $0.60 price level has consistently acted as strong resistance for the coin, having been tested multiple times without breaking above it since Judge Analisa Torres delivered her final verdict in the Ripple SEC lawsuit back in August.

As of the time of this writing, the XRP price is trading at approximately $0.55, reflecting an increase of over 3% in the past 24 hours, according to data from CoinMarketCap.