XRP Price Will Hit $120, “Melt Faces” According to This Expert Analyst
Highlights
- Expert analyst Amonyx forecasts XRP price to hit $121 in the current bull cycle, citing end of downtrend.
- The XRP community files petition against SEC's appeal, gathering over 8,500 signatures in support.
- Despite short-term volatility, experts maintain a long-term bullish outlook for XRP's price potential.
XRP price has been moving sideways since the recent US SEC appeal. Despite the SEC vs. Ripple lawsuit win, the regulator’s decision to appeal the Southern District Judge Analisa Torres’ July 2023 and August 2024 ruling has dampened the victory celebration. However, this expert analyst forecasts that XRP price could hit $121 in this bull cycle. Let’s explore other XRP news that could impact both Ripple and its native token.
XRP Price is up 0.53% Today
On Tuesday, October 8, Ripple price is up 0.53% and trades at $0.530, in a period of low volatility for the fifth consecutive day after a 9.80% crash on October 2. Since then, Ripple has consolidated in a 7.72% range, extending from $0.506 to $0.545.
XRP News: Ripple vs. SEC Lawsuit Update
The US Securities and Exchange Commission (SEC) filed the “notice of appeals” on October 2, as a result, XRP price crashed 9.80%. The major development since then is Ripple (XRP) community filing a petition in disagreement to the SEC’s decision to appeal the July 2023 and August 2024 ruling. This petition has received 8,500 signatures since its filing on October 3.
In an adjacent development, Moon Lambo notes that the Ripple on September 9 and a month later was almost the same at $0.52. Due to this, the analyst adds that the market does not care about the SEC’s appeal.
Expert Analyst Predicts XRP Price to Hit $121 This Bull Cycle
Amonyx, a popular analyst posted on X to his 100K followers his take on what XRP price could do next. In his analysis, Amonyx showed how Ripple price is nearing the end of a 6.8-year downtrend and a breakout could trigger a volatile rally.
The expert also takes cues from the 2017 bull run. In this cycle Ripple price shot up 110,466% from $0.003 to $3.31 after four-year consolidation. Considering the 6.8-year downtrend that has been persistent since then, Amonyx hints that a similar uptrend could ensue for Ripple and could propel XRP to $121.
For XRP to reach this target of $121, it would need to inflate by 22,730% from the current price of $0.530.
With the short-term outlook bearish, investors need to be patient to get better buying opportunities. Furthermore, Bitcoin also looks ready to slide lower after a failed attempt to push through the $64K hurdle. From a long-term perspective, however, the bullish scenario is preserved unless BTC fails to hold $55K.
Frequently Asked Questions
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