Market analyst EGRAG Crypto has again presented a bullish outlook for XRP, contingent on its ability to breach what he calls the Genuine Wake-Up Line (GWUL).

According to his latest analysis, XRP is close to a pivotal moment that could push its price beyond $1.5 in the short-term. At the center of the analysis is the “Genuine Wake-Up Line.” This line has long been guiding XRP’s price movements.

Resistance at the Genuine Wake-Up Line 

EGRAG first introduced the GWUL in May 2024 after XRP breached the Final Wake-Up Line last July. An accompanying chart to the latest update shows multiple lines, including the GWUL, which he sees as an essential barrier for XRP. 

This line has served as strong resistance, having formed following the $1.96 high of April 2021. The GWUL has constrained XRP’s upward movements since then. However, according to EGRAG, the coin is now on the verge of breaking the resistance.

If XRP manages to breach this line and sustain its position above it, this would mark a shift in market sentiment. The analyst believes a confirmed breakout could lead to an immediate rally toward $1.50, with mid-term targets ranging between $5.50 and $7.50. 

EGRAG noted that the key to this upward push is not only to breach the GWUL but to remain above it for at least three days to confirm the breakout.

XRP Forms Yellow Triangle

The chart from EGRAG also features a yellow triangle, with the GWUL serving as the top boundary and the Atlas Line providing support. Interestingly, XRP has further formed a smaller white triangle within the yellow one. Per EGRAG, this pattern, which connects the highs of 2021, shows the ongoing struggle between bulls and bears. 

As XRP approaches the convergence point of this triangle, the battle has intensified. If bulls succeed in pushing XRP above this triangle, EGRAG believes that a major bullish wave could follow. A break above the triangle would also translate to a breach of the GWUL.

Within this triangle, the first target rests at $1.50. According to EGRAG, this level is important because it signals the completion of Wave 1 within a larger Elliott Wave pattern. 

A breakout above this threshold would trigger a corrective Wave 2, which may see prices pull back to $0.75 before a more significant rally. Notably, this significant rally could lead to the ultimate target of $7.50 in the coming months. This target could materialize in the later stages of a macro Wave 3.

However, to reach these heights, XRP must maintain its position above $0.62. EGRAG advises that as long as the price does not fall below this support, XRP remains in good standing for a bullish breakout. At the reporting time, XRP has dropped below the support, now trading for $0.60002.

Amonyx, a well-known market analyst in the crypto community, has stirred attention with his bold view that $589 is an attainable price target.

In a post on X on Monday, Amonyx boldly asserted that, regardless of how much critics deny it, XRP’s price explosion into the triple-digit range is bound to happen.

Why XRP to $589 “Must Happen”

The XRP market graph accompanying the post clearly depicted towering candles showcasing how XRP’s price could rally to as high as $589. The analyst provided no factors influencing this audacious forecast beyond technical analysis.

Specifically, the chart illustrates two instances of giant symmetrical triangles in XRP’s historical chart. The first formation led to an all-time high rally for XRP following a breakout. As reported earlier, the cumulative growth XRP experienced from this breakout exceeded a staggering 75,000% price appreciation between Q1 2017 and Q1 2018.

After this dramatic price surge, XRP similarly regressed over a period that has now spanned approximately seven years. Currently, XRP is at the breaking point of the triangle. Many market observers have noted that XRP has broken out of the triangle with its recent price surge to $0.66 over the weekend.

Before the breakout, many analysts theorized how high XRP could go over the next few months after it occurred. Amonyx is among the most ambitious market watchers who believe a similar magnitude of price surge, or even higher, as seen in the previous case, will emerge.

This forms the basis for his bold forecast of $589 for XRP. Indeed, from XRP’s current value of $0.62, rallying by 75,000% would place the asset’s price at $460. In other words, the analyst expects XRP’s price to surge even higher this time.

Market participants sharing this view argue that if XRP could surge by 750X based on speculation seven years ago, its pump this time would be more intense due to expanded utility on the XRP network.

$589 Unlikely This Bull Season

However, this perspective is keenly contested, with many dismissing it as wishful thinking. For instance, in response to Amonyx’s bold forecast that $589 must happen for XRP, a commenter humorously remarked, “You smoke a lot,” suggesting he is merely hallucinating rather than making a realistic price proposition for XRP.

Notably, at a price of $589, XRP would have a market cap of $58.89 trillion, an enormous figure that leads many to dismiss such projections.

Meanwhile, another commenter who agrees with the $589 outlook suggested that such a target may not be attainable in this bull run.