XRP Loads Massive Green God Candles to Send Its Value to $57, But Skepticism Abounds
- WBOYOriginal
- 2024-08-16 15:29:16928browse
It's been a week since the over three-and-a-half-year lawsuit involving XRP and Ripple concluded, but the price of XRP remains solidly around $0.56.
A prominent crypto analyst has suggested that XRP is setting up for an explosive move, with the potential to rally by over 11,000% in the coming weeks.
The analyst, known as Amonyx, shared a weekly chart of XRP on Substack, highlighting the formation of "massive green God candles." According to Amonyx, the candles could propel XRP from its current price of around $0.56 to $57 within an eight-week period (56 days).
"This is not financial advice, but if you pro-rate the time frame from the weekly chart, XRP could go from $0.56 to $57 in eight weeks," Amonyx wrote.
The term "God candle" is typically used by crypto analysts to denote a large, sustained candle on a price chart that emerges after an extended period of price suppression or build-up. These candles are often used to compensate for the days of underperformance.
Amonyx's analysis follows a similar observation made by another crypto analyst, DustyBC, a few weeks ago. DustyBC had noted the formation of a "God candle" on XRP's weekly time frame, anticipating a rally to $30.
However, skepticism has emerged among market participants over these "God candle" predictions, given that XRP has not yet broken above the $0.5 range despite the earlier projections.
"Maybe one day someone will be correct," Substack user Xeowold commented on Amonyx's analysis.
"If I had a dollar for every time someone posted this in the last four years I would be a multi-millionaire already," another commenter, Scott, quipped sarcastically.
Meanwhile, some commentators have pointed to the recent conclusion of the SEC v. Ripple lawsuit, which saw XRP and Ripple prevail in a nearly four-year legal battle. Despite the victory, XRP's price has remained largely stagnant.
"Unfortunately XRP is $0.58 despite us winning the court case, there is no reason for it to go up from here," Substack user Mehmetemin Tekin noted.
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