Why XRP Price Is Poised for a Massive Rally Amid Market Uncertainty?
Prominent analyst Armando Pantoja, winner of the IBM Blockchain Award and member of Benzinga’s Cryptocurrency Advisory Board, urged investors to suspend their skepticism of XRP amid widespread uncertainty in the XRP market.
A burst run is coming?
In a recent X post, the analyst urged investors to stop doubting XRP and shared several reasons why he believes XRP is about to explode. The comments come as XRP surged 284% in November, but its bullish trend is slowing as the broader cryptocurrency market continues to consolidate.
While many experts are optimistic that XRP may resume its upward trend soon, the current range-bound phase has sparked uncertainty among investors, leading to profit-taking trades. According to the latest data, XRP trading reserves on Binance have soared from 2.79 billion on December 16 to the current 2.93 billion.
The increase in reserves on the Binance exchange indicates that market participants are depositing assets for sale on the platform. Still, Pantoja urged investors to stop doubting XRP.
Where does this uncertainty come from?
Significant uncertainty surrounding XRP has arisen due to XRP’s underperformance during the 2021 bull run and the early stages of the current bull run. Even market veteran Raoul Pal has warned that XRP investors may be missing out on the current bull run, advising them to look elsewhere for gains.
Pessimism surrounding XRP has resurfaced following Trump’s impressive performance in the US election. Nonetheless, some analysts predict higher targets for XRP, such as the $27 mark and a bold $33 price level, but many consider these predictions unrealistic.
However, while some believe XRP’s upward trend may have exhausted itself, Pantoja remains optimistic, citing the altcoin’s explosive rise in the 2017/2018 cycle as a key reason for his optimism. Notably, XRP was trading as low as $0.003 in January 2017, while other assets soared at the start of the bull market.
Will XRP outperform the market?
Remarkably, once it broke out, XRP outperformed the rest of the market, rallying from a low of $0.003 to an all-time high of $3.31 in January 2018. This marks an explosive growth of 110,233% in one year. Pantoja said that with this rally, the price of XRP rose from $1,000 to $1.1 million.
This historic rise highlights XRP’s potential, which boosts analyst confidence. He also pointed to other catalysts that could lead to a similarly explosive run, such as the possible conclusion of the SEC’s lawsuit with Ripple and the arrival of new pro-crypto leadership in January 2025.
Trump’s promise to create a more crypto-friendly government when he takes office in January 2025 is expected to trigger another market rally. At press time, XRP is currently changing hands at $2.16, up 10.71% in December despite continued volatility.
