Cryptocurrency enthusiasts and investors alike have their eyes on XRP, as a prominent market analyst has identified a potentially explosive trend that could push the digital asset to new heights. The analyst, known as Amonyx, has highlighted a significant bullish pattern that has been forming over the past few years, suggesting that XRP could be on the verge of a major price breakout. According to his analysis, the cryptocurrency could climb to an impressive $50 if the pattern plays out as expected.

The Bullish Pattern: A Closer Look

Amonyx’s analysis, shared on social media, focuses on a long-term ascending trendline visible on XRP’s weekly chart. This trendline, which dates back to 2020, has acted as a reliable support level, with XRP bouncing back each time it has neared this line. Amonyx believes that this pattern is a strong indicator of a forthcoming rally, similar to the one that XRP experienced during the 2017 bull market.

Back then, XRP’s price shot up from less than a penny to over $3, thanks to a robust upward trend that was supported by a similar long-term trendline. The parallels between the current pattern and the one seen in 2017 have led Amonyx to forecast that XRP could once again experience a massive surge, potentially pushing the cryptocurrency to a price of $50 or more.

Historical Patterns and Future Potential

Amonyx’s bullish outlook is rooted in XRP’s historical price behavior. He notes that the ascending trendline has been a key support level since 2020, playing a crucial role in the cryptocurrency’s price action. This trendline has been tested numerous times over the years, and each test has resulted in a price rebound, reinforcing its significance.

This isn’t the first time XRP has followed such a pattern. A similar trendline was present from 2014 to 2017, during which time XRP’s price gradually increased before skyrocketing during the 2017 bull run. The similarities between these two periods suggest that XRP could be on the cusp of another significant breakout, especially as the current trendline continues to provide support.

Amonyx believes that this breakout is not only possible but “programmed” into the market’s structure. He suggests that the $50 target is an inevitable outcome if XRP continues to follow the established pattern. For investors and traders, this forecast could signal an opportunity to position themselves ahead of a potential rally.

On-Chain Data Backs Up the Bullish Case

Adding weight to Amonyx’s prediction is on-chain data from analytics platform Santiment. The data reveals that mid-tier XRP holders—those with balances between 1,000 and 1 million tokens—have been steadily increasing their holdings despite the overall market uncertainty. Since July, these holders have collectively accumulated 180 million XRP tokens, indicating a strong belief in the cryptocurrency’s future performance.

Such accumulation is often seen as a precursor to price increases, as it suggests that these investors expect the asset to rise in value. The fact that these mid-tier holders are continuing to buy XRP even as the broader market remains volatile could be a sign that they are preparing for an anticipated surge.

Current Market Conditions: What’s Next for XRP?

Despite the optimistic outlook, XRP is currently trading in a range that suggests it is still in a consolidation phase. As of now, the cryptocurrency is priced at $0.5718, slightly above a key support level but still below a crucial resistance level. This position indicates that while there is potential for upward movement, XRP has yet to break out of its current trading range.

XRP’s technical indicators also present a mixed picture. The Average Directional Index (ADX), a measure of trend strength, is relatively low, suggesting that the current trend is not particularly strong. Meanwhile, other indicators show that bearish momentum is slightly outweighing bullish momentum, though the gap is narrow.

However, if XRP can break through its current resistance level and push higher, it could confirm the bullish pattern identified by Amonyx and set the stage for a more significant rally. Investors will be watching closely to see if the cryptocurrency can overcome these hurdles and begin its ascent toward the $50 target.

Conclusion: Is XRP Poised for a Breakout?

While XRP’s price remains subdued for now, the long-term patterns identified by analysts like Amonyx suggest that a major breakout could be on the horizon. With strong historical precedents and supportive on-chain data, the case for a significant rally is compelling. However, as always, investors should exercise caution and conduct their own research before making any investment decisions.