Experts Say We’re Ready for XRP to Surge

Market expert and community enthusiast Amonyx insists that XRP is on the verge of an explosive rally as the charts look “ready to go.”
The crypto markets had a slow start to early November, having previously recovered from similar situations. Bitcoin and XRP, for example, have each corrected 3.5% from their Nov. 1 highs of $71,448 and $0.5231, respectively.
It is worth noting that XRP is down in almost all time frames as of the time of writing this article. Specifically, the 7th-ranked crypto asset by market cap has pulled back 1.42%, 5.08%, and 17.51% on the weekly, monthly, and yearly timeframes, respectively.
However, community enthusiast Amonyx recently identified a bullish pattern on the XRP chart that would change XRP’s current bearish momentum. The analyst noted that “we have everything in place” for a bullish move.
All set for XRP rally
In a tweet on Nov. 2, Amonyx drew the attention of the XRP community, stating that the expected breakout was imminent, heralding incredible price growth. According to the tweet, experts believe that the outbreak is ready and about to happen.
In the accompanying 1-month time frame chart, the analyst makes an explosive price assertion based on an impending breakout of a symmetrical triangle. Amonyx speculates that the price explosion will take XRP past its current all-time high price multiple times into triple digits.
XRP Analysis
The analyst’s chart shows an ambitious price target of $225.9 per coin, which is located at the upper boundary of the broader ascending channel. This would mark a staggering 44,694% increase from XRP’s current price. Notably, enthusiasts say the asset will replicate its performance after a similar breakout following the 2017/2018 bull cycle.
Recall that XRP saw a 60,000% surge from 2017 to 2018, surging to its current high of $3.31. The high-water mark digital asset reached new highs after breaking out from a symmetrical triangle, and Amonyx expects similar results after the upcoming breakout.
Still below XRP’s fair market value
Although high, Amonyx’s $225.9 XRP price prediction is still well below the asset’s fair market value. In a related development, equity firm Valhil Capital reported that the seventh-largest cryptocurrency by market cap is trading well below its fair money price, as measured by its ecosystem and adoption dynamics.
The firm noted that based on these parameters, the fair money value of XRP should be $3,541. Notably, the asset would need to expand 7,013 times from its current price to reach its ambitious fair market value.
Meanwhile, Altcoin Moe has set a “realistic” price target for this bull cycle. The market expert noted that he expects XRP to reach a market cap of $500 billion, pushing its price to $5.
Meanwhile, XRP is trading at $0.5055, having gained only slightly over the past 24 hours.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not reflect the views of The Crypto Basic. Readers are advised to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.