XRP (XRP) Nears Critical Juncture, GIGA PUMP Incoming – Amonyx Charts a Path to $21.29

His technical analysis, aided by the captioned chart, showcases a detailed study of XRP’s recent price action and the key levels that could influence its next move.

A popular cryptocurrency analyst known as Amonyx has shared his bullish outlook for XRP, presenting a technical analysis chart that showcases key levels influencing the coin’s upcoming price movement.

Amonyx’s analysis suggests that XRP is nearing a critical breakout, with a potential to rally to $21.29. This analysis is based on a close examination of XRP’s recent price action, revealing a possible Elliott Wave pattern and a multi-year symmetrical triangle formation.

The chart highlights five distinct waves, aligning with a potential bullish Elliott Wave structure. This pattern is often associated with further upward price movement in financial markets. Notably, the same pattern reportedly propelled XRP to its all-time high of $3.84 in January 2018.

Amonyx also points out a crucial aspect of XRP’s price movement, which is its consolidation within a triangle formation. This consolidation suggests an indecisive market, where neither the bulls nor the bears have taken complete control. However, these consolidations often lead to strong price movements, and Amonyx seems optimistic about a breakout to the upside.

The upcoming surge, according to the chart, could drive XRP to $21.29. At the time of writing, the digital asset is trading at $0.5386, and a rally to $21.29 would mark an incredible surge of 3,852.84%.

Amonyx’s technical setup also incorporates various indicators, including the Stochastic RSI, MFI (Money Flow Index), Fisher Transform, and Momentum indicators.

The Stochastic RSI is approaching the overbought region, suggesting that the momentum might be slowing down. But other indicators, like the MFI, indicate strength in buying pressure, which could support the bullish outlook.

Amonyx’s analysis predicts a “GIGA PUMP” for XRP, and several other analysts have also shared similar targets in the double-digit range for XRP.

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