Crypto analyst Amonyx stated that Ripple’s (XRP) chart is “ready to explode.”
The crypto market had a slow start to November. Bitcoin and XRP tested support levels, falling 3.5 percent in a short time. XRP, which ranks 7th by market value, recorded a decline of 1.42 percent, 5.08 percent and 17.51 percent in weekly, monthly and annual time frames, respectively.
Crypto expert Amonyx reassured its followers with its latest analysis. The analyst detected a bullish pattern on the XRP chart and stated that the popular altcoin is ready to explode.
Could history repeat itself for Ripple (XRP)?
On November 2, Amonyx raised expectations on XRP with a post on X (formerly Twitter). Amony pointed out a symmetrical triangle formation in the chart of the 1-month period he shared. The crypto expert stated that with the formation, XRP will reach its all-time high (ATH).
The analyst’s chart shows an ambitious price target of $225.9. This represents an incredible 44,694 percent increase from XRP’s current price.
As you may recall, XRP experienced a 60,000 percent increase from 2017 to 2018 and reached ATH ($3.31). The popular altcoin peaked when it broke out of a symmetrical triangle formation. Amonyx took its targets to even higher levels with the formation of the same formation.
While Amonyx’s $225.9 price target seems extreme, Ripple is still well below its fair market value. For example, equity firm Valhil Capital reported that XRP, ranked 7th by market cap, should be worth $3,541 based on ecological systems and dynamic adoption criteria.
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