Crypto analyst Amonyx has made a highly optimistic prediction for the XRP price, suggesting that the crypto token could reach $57 due to what he terms a massive God candle. This prediction emerges amid XRP's continued lackluster performance despite the resolution of Ripple's legal case with the US Securities and Exchange Commission (SEC).
Amonyx's analysis, shared in a post on X (formerly Twitter), indicates that the token could hit this elevated price early next year, at the peak of this market cycle. However, the analyst did not elaborate on the factors that might drive this significant price rise.
In a more recent X post, Amonyx hinted that the launch of a Spot XRP ETF could be a potential catalyst for such price heights. This viewpoint is echoed by other analysts, such as Common Sense Crypto, who also believe a Spot XRP ETF could funnel new investment into the XRP market, thereby driving up prices.
The conclusion of the Ripple vs. SEC case was initially expected to boost XRP's price, with some predicting it could reach $1 in the short term. However, XRP has struggled to even break past the $0.6 resistance level, despite the favorable ruling from Judge Analisa Torres.
Additionally, another crypto analyst, Javon Marks, has proposed an even more bullish price forecast, suggesting that a bullish breakout could propel XRP to $263. Marks bases this prediction on the Full Logarithmic Follow-Through indicator and highlights multiple bullish signals and the nearing of a '7-year consolidation/pattern development.'
As of now, XRP is trading around $0.56, down over 2% in the last 24 hours, according to CoinMarketCap data.
