A recent market analysis from IBM blockchain award recipient and Benzinga crypto advisory board member Armando Pantoja suggests XRP is positioned for significant price appreciation, despite current market skepticism.
Pantoja’s assessment comes at a crucial time when XRP has experienced a period of price consolidation following its substantial gain of almost 300% in November.
Market sentiment has grown increasingly uncertain as trading activity on major exchanges indicates rising selling pressure.
Stop doubting $XRP :
XRP shocked the world in 2017, rising from $0.003 to $3.31 something critics said could "never happen".
It surged 110,000%, turning $1,000 into $1.1 million in just 1 year.
Now the lawsuits soon over + Trump is coming. It's time to shine #XRP pic.twitter.com/gXxtnG8nGJ
— Armando Pantoja (@_TallGuyTycoon) December 28, 2024
Data from CryptoQuant reveals an uptick in XRP holdings on Binance, with reserves increasing from 2.79 billion to 2.93 billion tokens between December 16 and today. This accumulation typically signals preparation for potential sales.
The cryptocurrency’s current valuation stands at $2.19, representing an increase of approximately 15% from its price of $1.9 at the start of December, outperforming many other major digital assets that spent this period consolidating or falling.
However, this modest growth follows a period of exceptional performance, leading some investors to question whether the asset’s upward momentum has been depleted.
XRP’s History Shows Its Potential
Historical precedent forms a cornerstone of Pantoja’s optimistic outlook. Pantoja noted that during the 2017-2018 bull market cycle, XRP demonstrated remarkable price action, appreciating from $0.003 to an all-time high of $3.31. This extraordinary surge represents an increase of over 110,000%.
Pantoja also highlighted the transformative power of this surge, drawing attention to how a modest $1,000 investment turned into holdings worth approximately $1.1 million in under a year. Many other analysts believe XRP can repeat this performance.
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Factors That Could Push XRP to New Heights
Several key catalysts could drive XRP’s next growth phase. However, Pantoja highlighted two crucial factors: 1) Donald Trump taking office as U.S. president in 2025. 2) the anticipated resolution of the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple.
With new SEC leadership expected to assume office in January 2025, the crypto world expects an end to the protracted lawsuit. This leadership transition could bring regulatory clarity to the XRP market, which could boost the value of the digital asset.
This positive outlook negates earlier market skepticism, including concerns voiced by prominent figures such as Raoul Pal, who previously cautioned investors to avoid XRP so they don’t miss out on opportunities in other assets. However, with the bullish sentiment surrounding XRP and recent performance, sceptics may stop doubting its potential.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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