Market expert and community enthusiast Amonyx has insisted that XRP is on the brink of an explosive run as the chart looks “locked and loaded.”
The crypto market has had a slow start to November after a
grand recovery
from a similar start the previous month. For context, Bitcoin and XRP have corrected 3.5% from the November 1 high of $71,448 and $0.5231, respectively.
Notably, XRP is down in almost all timeframes at the time of writing. Specifically, the 7th crypto asset by market cap has respectively corrected 1.42%, 5.08%, and 17.51% on the weekly, monthly, and yearly timeframes.
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However, community enthusiast Amonyx recently identified a bullish pattern on the XRP chart, set to change XRP’s prevailing bearish momentum. The analyst noted that “we are locked and loaded” for a bullish uptick.
Locked and Loaded for an XRP Upitck
In a November 2
tweet
, Amonyx drew the XRP community’s attention to an impending outbreak expected to herald an astronomical price growth. Per the tweet, the expert argued that the breakout is locked with a near-term outburst loaded.
In an accompanying 1-month timeframe chart, the analyst based his explosive price assertions on an imminent breakout from a symmetrical triangle. Amonyx speculated that the price outburst would push XRP multiple times past its current all-time to triple figures.
XRP Analysis
The analyst’s chat shows an ambitious price target of $225.9 per coin at the upper boundary of a broader ascending channel. This would mark a staggering 44,694% uptick from XRP’s current price. Notably, the enthusiast said the asset would mirror its performance after a similar breakout during the 2017/2018 bull cycle.
Recall that XRP pulled out a
60,000% surge
from 2017 to 2018, surging to its current ATH of $3.31. The high-caliber digital asset reached a new high following a breakout from a symmetrical triangle, and Amonyx expects a similar outcome after the imminent outburst.
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Still Below XRP’s Fair Market Value
Although lofty, Amonyx’s $225.9 XRP price call is still far below the asset’s fair market value. For context, equity firm Valhil Capital
reported
that the 7th largest cryptocurrency by market cap is well under its fair money price, measured using ecological systems and dynamic adoption.
The firm noted that XRP should have a fair money value of $3,541 with the parameters. Notably, the asset would have to expand by 7,013x from its current price to attain the ambitious fair market value.
Meanwhile, Altcoin Moe has set a “realistic” price target for XRP this bull cycle. The market expert noted that he
expects
XRP to hit a $500 billion market cap, pushing its price to $5.
In the meantime, XRP trades at $0.5055, recording a meager gain in the past 24 hours.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.