- Analyst Amonyx predicts XRP could soar to $2.3, based on historical price patterns and trend analysis.
- Whale Alert reports large XRP transfers, sparking market concerns about their potential impact.
Following a robust comeback in the cryptocurrency market, including XRP, the volatility around Ripple’s coin looks to be leveling off.
But, according to an analysis by prominent analyst Amonyx, there is a good probability that XRP’s price will surge based on the token’s historic moves. The previous pattern features XRP’s price becoming further constrained along the trendline between high levels produced during a corrective pattern.
They will call me crazy until everything happens, but that’s okay. #XRP 🤑 pic.twitter.com/qalLq5oGTB
— Amonyx (@amonbuy) August 8, 2024
XRP Price Expected to Reach $2.3 High Before Potential Correction
This pattern has established new lower highs but no new lower lows, indicating that the price has reached the end of the analyst-mapped pattern. In this research, the XRP price is expected to reach a high of $2.3 before correcting again.
The analyst also believes that the XRP/BTC pair might suffer a stratospheric climb, potentially hitting a new all-time high in its price trajectory.
As of this writing, XRP is trading around $0.5864, down 2.84% over the last 24 hours. Furthermore, its daily trading volume has decreased by more than 30%, to $1.785 billion.
This comes after a period in which investors and supporters celebrated Ripple’s victory over the SEC after the court ruled that XRP was not a security, as CNF previously reported.
Furthermore, Judge Torres cut the SEC’s sought fine from $2 billion to $125 million. The judge has also barred Ripple from violating federal securities laws in the future, implying that any such offense would require a court order.
On the other hand, Whale Alert reported yesterday that it discovered two significant XRP transactions to Bitso and Bitstamp wallets from the same source. There are concerns that these transfers, totaling more than $26 million, would lead to the liquidation of XRP, as the price has fallen since this major transfer.
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