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A crypto analyst predicts XRP could surge by 11,745% within weeks, reaching $57.
- XRP’s price has remained stagnant despite recent bullish forecasts
A recent forecast by crypto analyst Amonyx suggests that XRP could experience a dramatic surge in value, potentially rising by 11,745% over the coming weeks. This has raised both cheers and jeers within the crypto community, given that the XRP price has been rather flat, with the token still trading at around $0. 56.
Amonyx, a popular bullish analyst, posted a weekly chart on social media platform X where he predicted that XRP could hit “massive green God candles” and reach $57 within 8 weeks. This prediction is based on what is known as the ‘God candle’ and entails that the price is likely to rise sharply after a period of low volatility.
The concept of a ‘God candle’ is that after a long period of staying low or range bound, an asset such as XRP can make a sudden rally. According to Amonyx, this is just the beginning of the potential exponential growth that XRP is experiencing now. However, in the last 24 hours, XRP has recorded a 2% loss while in the past week, it has shed 6.4% of its value.
Historical Context Casts Doubt on XRP Price Predictions
The performance of XRP has been rather dismal over the past year, with the cryptocurrency being valued at 10% less than it was a year ago. This has raised doubts among some market players on the credibility of Amonyx’s forecast given that previous projections of this nature have not been realized.
Interestingly, Amonyx is not the first analyst to predict the existence of a “God candle” for XRP. Another analyst, DustyBC made a similar prediction some few months ago estimating that XRP could potentially hit $30. However, the cryptocurrency has failed to move past the $0. 5 level, which has made many people doubt the possibility of such a large price change in the near future.
This skepticism is further accentuated by the recent end of Ripple’s legal tussle with the U. S. Securities and Exchange Commission (SEC) that lasted for over three years. Even though Ripple has emerged victorious, the price of XRP has not changed much, and this has made some people doubt the possibility of a price rally.
Crypto Community Reacts to Bold XRP Price Projection
The reaction to Amonyx’s confidence has been varied, with some looking forward to massive profits while others are more reserved. The doubt can be seen in the reactions of the market actors, with some noting that this has happened before and the predictions have not materialized.
One user, Xeowold, remarked on X, “Maybe one day someone will be correct,” highlighting the repeated nature of such bullish forecasts. Another user, Scott, noted sarcastically that if he had a dollar for every time someone predicted a massive surge for XRP, he would be a millionaire by now.
On the other hand, Mehmetemin Tekin, another commenter, pointed out that despite the favorable legal outcome for Ripple, XRP’s price has remained relatively unchanged. Tekin argued that if XRP’s value hasn’t increased following such a significant event, there’s little reason to believe it will rise dramatically in the near future.