Amonyx, a well-known cryptocurrency analyst on X, has signaled that XRP may be on the verge of a significant market move. He advised current holders to stay alert, suggesting a market event that could surpass XRP’s 2017 rally in scale. His forecast was accompanied by a multi-year chart tracking XRP’s performance against Bitcoin, reflecting several years of shifting momentum.
The technical pattern
The referenced chart displays the XRP/BTC trading pair from 2013 onward, utilizing a three-week timeframe. Over this period, XRP has moved within a broad descending wedge, with price action continually squeezed between converging resistance and support trendlines. This formation has persisted for years as XRP has gradually declined in value relative to Bitcoin.
Recent activity suggests XRP is testing the upper boundary of this wedge more forcefully, a situation that often points to increased buying pressure. The wedge pattern has narrowed substantially, and XRP is currently trading at 0.00001758 BTC, situated just beneath the established resistance zone.
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Amonyx indicated that a breakout above the descending trendline could represent a pivotal technical shift. He cited the possibility of a price move resembling the steep climb documented in 2017, using chart symbols to illustrate his optimistic outlook. While 2017 saw historic gains for XRP, replicating even a fraction of that surge would yield substantial returns for current investors.
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AAPLMini dictionary: Descending wedge, a chart pattern characterized by converging downward-sloping trendlines, typically interpreted as a potential bullish reversal signal when price breaks above the upper boundary.
Comparisons to 2017
Although Amonyx stopped short of providing an explicit target price, other market observers have used the 2017 rally as a benchmark. During that period, XRP’s price climbed from approximately $0.005 to more than $3, delivering extraordinary percentage gains. Analyst Digital Asset Investor projected that if XRP were to repeat even 10% of this performance from its current trading range, the token could reach about $212. Should the rally use a $0.50 starting point, a 10% repeat would equate to roughly $33.55 per XRP.
| Scenario | Starting price | Target (10% of 2017 rally) |
|---|---|---|
| Current price basis | (approximate current level) | $212 |
| Nov 2024 price basis | $0.50 | $33.55 |
In addition, analyst ChartNerd identified a past pattern involving a double top, price drop, and explosive rally prior to XRP’s 2017 breakout. He believes a similar technical setup could be emerging, raising expectations among certain bullish investors.
During the 2017–2018 run, XRP posted cumulative gains exceeding 66,000%, reaching a peak above $3 from a starting price near half a cent. Analysts now speculate on the potential for a repeat of even a fraction of this performance if current technical structures hold.
Community reaction
The forecast prompted a notable response from XRP’s online community, sometimes referred to as the “XRP Army.” Some commenters expressed hope that Amonyx’s projection would materialize, while others stated they were waiting for a rally. However, critical voices emerged as well, with a few individuals accusing Amonyx of promoting XRP rather than offering impartial technical analysis.
Amonyx, who is known for frequently issuing bullish forecasts on XRP, remains optimistic even as perspectives on future outcomes vary within the digital asset community.
XRP, developed by Ripple Labs, serves as a digital payment protocol and cryptocurrency designed for fast, low-cost international value transfer. The asset’s sizable online following has historically amplified reactions to price speculation and technical signals from prominent analysts.
