The cryptocurrency community has been buzzing with anticipation following Donald Trump’s victory in the recently concluded U.S. Presidential election. Adding to the excitement is a recent post by Amonyx (@amonbuy), a prominent figure on X, regarding the future price of XRP.
Amonyx shared a detailed analysis that suggests significant XRP price movements are coming. Based on technical analysis, this projection has caught the attention of many traders in the crypto space. According to Amonyx, “It’s coming there’s nothing you can do about it.”
Technical Analysis and Key Projections
The chart shared by Amonyx utilizes several technical indicators and patterns to project XRP’s future price movements. One of the most striking aspects of the analysis is the application of Fibonacci retracement levels used to identify potential support and resistance levels. These levels are critical in understanding market psychology and price action.
Amonyx’s chart indicates a potential upward movement for XRP, with key Fibonacci levels at different price points. The analysis suggests that XRP could reach levels as high as $335, which coincides with the Fibonacci 2.272 level and represents a substantial increase from its current price.
This projection is based on the assumption that XRP will follow a similar pattern to its previous price movements, which were also influenced by Fibonacci retracement levels and other technical patterns.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Historical Patterns Supporting the Bullish Outlook
Amonyx’s chart also shows consolidation triangles for the digital asset. According to the chart, XRP spent time within a prolonged consolidated phase before climbing to its all-time high of $3.84 in January 2018.
XRP is currently in another consolidation phase since it fell from its all-time high, and a breakout could help it reach Amonyx’s target.
The chart also highlights that XRP tends to follow specific price patterns. XRP has previously respected Fibonacci levels, leading to significant price movements, as its all-time high was slightly above the Fibonacci 2.272 level at the time—the same level his current analysis is targeting.
Amonyx’s projection for XRP reaching $335 is based on the continuation of these historical patterns. The analysis suggests that if XRP breaks through the current resistance levels, it could follow a similar trajectory to its previous bullish runs.
The projection is bold, indicating a potential increase of over 76,000%, a figure that understandably generates excitement among investors. Notably, other analysts have predicted similar targets above $300 , and it might only be a matter of time before the massive rally begins.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter , Facebook , Telegram , and Google News
