XRP is currently testing a key resistance level that will shape price action in the coming weeks. After the euphoria surrounding the Federal Reserve’s interest rate cuts at the end of September, there is uncertainty and anxiety in the market. While some investors remain sanguine, recent XRP price movements have created a sense of caution.

Top cryptocurrency analyst Amonyx shared his insights on XRP’s unexpected growth potential. In his analysis, he suggests that the altcoin could surprise skeptics with gains of more than 1,000%. According to Amonyx, this resistance level could be a launching pad for XRP if the price breaks above it.

Amid significant market volatility, investors are closely watching XRP’s ability to stay above key price points. Expectations for XRP’s future have created a mix of hope and skepticism as investors weigh the possibility of a breakout against the risk of further decline.

As XRP continues to move through this critical juncture, all eyes will be on its performance to determine the next steps for this altcoin.

XRP analyst sets sanguine goals

XRP is at a turning point as analysts wait for a signal that could cause its price to rise amid market uncertainty.

Top analyst and investor Amonyx recently shared information compelling technical analysis on Xoffering an sanguine outlook for the future of XRP. His analysis includes a chart illustrating a potential rising bull pennant pattern that has been forming since June 2018. This pattern suggests buying pressure is building, signaling that XRP may be ready for a breakout.

If XRP successfully breaks above the resistance set by this bullish pattern, Amonyx anticipates a remarkable price rally, potentially reaching levels as high as $70 and even $500. While these forecasts are ambitious, they highlight the market’s inherent volatility and the potential for dramatic price changes.

Amonyx points to a key factor influencing market sentiment: many investors believe that XRP is unlikely to rise again. This prevailing skepticism could set the stage for a significant move higher, as market psychology often plays a key role in price dynamics.

All eyes will be on XRP in the coming weeks as investors assess whether this predicted breakout will materialize, potentially changing the narrative for the altcoin and its investors.

Technical analysis

XRP is currently trading at $0.53 after recently losing both the 1D 200 Moving Average (MA) and the 200 Exponential Moving Average (EMA). The price is trying to close above the MA which is $0.54. For bulls to gain momentum, XRP needs to break above these levels to retest local highs around $0.66.

However, if the price fails to close above the MA and EMA, a deeper correction may be imminent. Analysts are closely monitoring this critical moment as a break below $0.53 could lead to further declines, potentially heading towards support levels around $0.48 or lower.

Related Reading: Solana (SOL) Road to Modern Highs: Analyst Sees $160 as a Critical Breaking Point

As investors wait for confirmation of a bullish reversal or bearish continuation, XRP price action will be crucial in shaping market sentiment in the coming days.

Featured image from Dall-E, chart from TradingView