XRP Price Forecast: Could Ripple Surge to $120 in This Bull Cycle?

XRP Price Forecast: Could Ripple Surge to $120 in This Bull Cycle?

XRP News – As of Tuesday, October 9, XRP has experienced a slight uptick of 0.53%, trading at $0.530. This comes during a period of low volatility, marking the fifth consecutive day of consolidation following a sharp 9.80% drop on October 2. Since then, XRP has remained within a narrow trading range of 7.72%, fluctuating between $0.506 and $0.545.

Ripple vs. SEC: Latest Developments

The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to impact market sentiment. On October 2, the SEC filed a notice of appeal following the rulings made in July 2023 and August 2024 by U.S. District Judge Analisa Torres. This triggered the 9.80% price drop in XRP.

In response, the Ripple community has rallied against the SEC’s decision, filing a petition in opposition to the appeal. Since its submission on October 3, the petition has garnered over 8,500 signatures. Despite this, prominent analyst Moon Lambo observed that XRP price on September 9 and a month later remained nearly identical at $0.52, suggesting that the market may not be overly concerned with the SEC’s actions.

Analyst Predicts XRP Could Skyrocket to $121

Amid the legal uncertainty, one expert is painting a much brighter picture for XRP’s future. Popular analyst Amonyx, who has a following of 100,000 on X (formerly Twitter), recently shared his bold prediction: XRP could surge to as high as $121 in the current bull cycle.

Amonyx’s analysis highlights how Ripple is nearing the end of a 6.8-year downtrend, and a breakout could trigger a massive rally. Drawing comparisons to XRP’s performance during the 2017 bull run, where the cryptocurrency soared 110,466% from $0.003 to $3.31 after four years of consolidation, Amonyx suggests a similar pattern could unfold. He anticipates that if XRP follows this trajectory, it could rise by a staggering 22,730% from its current price of $0.530 to hit $121.

Short-Term Outlook Remains Bearish, Long-Term Prospects Intact

While the short-term outlook for XRP appears bearish, with low volatility and continued consolidation, investors may find better buying opportunities as the market evolves. Amonyx’s prediction hinges on a long-term view, and even though Bitcoin is struggling to break through the $64K level, the bullish case for XRP remains strong as long as BTC holds above $55K.