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Crypto analysts Amonyx and Egra Crypto have given a bullish outlook for the XRP price with “something big” on the horizon. Based on their analysis, the long-awaited price breakout for XRP could happen soon.
Something big is coming for the XRP price
Crypto analyst Amonyx stated in an X-post that something big is coming for the XRP price. His accompanying chart showed that the crypto could see a massive rally to $75. The analyst made this prediction based on the fact that XRP replicated a similar run to the 2017 bull run when it price increased by more than 61,000%.
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The graph showed that XRP was consolidated for a year before breaking out and enjoying an unprecedented rally. In line with this, the analyst highlighted how XRP has been consolidating since then, suggesting another price breakout is imminent.
Amonyx has been more bullish on the XRP price lately. Previously, he predicted that the crypto would rise between $50 and $57 at the peak of this bull run. However, his recent prediction offers a more bullish outlook for XRP. Interestingly enough, so did he recently predicted that the crypto could enjoy a “giga pump” to $400.
These bullish XRP predictions are believed to be partly due to the recent applications from Bitwise and Canary Capital to offer an XRP ETF. These funds could contribute to a significant rally for XRP as they will attract more institutional investors into the coin’s ecosystem. Therefore, these XRP ETFs will have a positive impact on the XRP price, just like the Discover Bitcoin ETFs did for the Bitcoin price.
Meanwhile, in the near term, Amonyx also expects that the XRP price could stage a significant rally. In a recent X post he shared an XRP/Bitcoin chart and said this XRP holders that a God candle would come soon.
XRP’s breakout target to watch
Crypto analyst Egrag Crypto highlighted $0.61 and $0.62 as breakout targets to watch. He noted that the breakout point is getting lower and added that XRP has a maximum of 70 days left before it reaches the final high of the breakout point.
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Egrag Crypto further noted that he is confident that the price breakout could happen sooner than expected, within the next 15 to 30 days. According to him, the pressure is increasing and will not remain under control for long. Indeed, the consolidation of XRP dates back a long time Bull Run 2021 when it failed to reach a new all-time record (ATH).
The $0.60 price level has also proven to be a strong resistance for the coin as it has been retested and failed to break above it several times since judge Analisa Torres handed it down. final verdict in the Ripple SEC lawsuit in August.
At the time of writing, the XRP price is trading around $0.55, up over 3% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com