thecryptobasic.com
A prominent market pundit urges investors to stop doubting XRP, presenting several reasons he believes an XRP explosive run is imminent.
These remarks came from Armando Pantoja, an IBM blockchain award recipient and member of the Benzinga crypto advisory board, amid the persistent consolidation that has prevailed in the broader crypto market. XRP, which rallied 284% in November, is now facing an exhaustion of the bullish trend.
Notably, while most experts believe XRP could resume the upsurge soon, this range-bound phase has triggered uncertainty among investors, leading to profit-taking trades. CryptoQuant data shows that XRP Exchange Reserve on Binance has spiked from 2.79 billion tokens on Dec. 16 to the current figure of 2.93 billion.
“Stop Doubting XRP”
This increase in Binance exchange reserve indicates a campaign among market participants to deposit their assets to Binance, the world’s largest exchange, for sales. Amid this prevailing sentiment, Pantoja has urged investors to stop doubting XRP.
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
For context, this pessimism surrounding XRP emerged as it underperformed during the 2021 bull run and in the early stages of the ongoing bull market. Even market veterans such as Raoul Pal insisted that XRP investors could miss out on this bull run, urging them to seek gains elsewhere.
Now, following its impressive performance on the back of the Donald Trump election victory, the pessimism has resurfaced. For context, some analysts have predicted loftier targets for XRP, such as the $27 mark and a more audacious $33 price. However, many have dismissed these targets as fantasies.
Possible Surge Catalysts
While some believe XRP might have exhausted its uptrend, Pantoja called attention to the altcoin’s explosive run in the 2017/2018 cycle as one reason behind his optimism. It bears mentioning that XRP traded for as low as $0.003 in January 2017, as it dumped while other assets surged during the start of the bull run then.
Interestingly, once it broke out, XRP outperformed the rest of the market, rallying from the $0.003 low to the $3.31 all-time high in January 2018. This marked a 110,233% increase within a year. Pantoja pointed out that, with this rally, XRP transformed $1,000 to $1.1 million.
This historic run demonstrated XRP’s potential and now serves as the foundation for confidence among analysts. Further, he highlighted other catalysts that could trigger a similar explosive run, including the possible conclusion of the SEC vs. Ripple lawsuit, as a new leadership is set to take charge in January 2025.
In addition to this, Pantoja also highlighted the incoming Donald Trump administration as another possible trigger of the next XRP upsurge. For context, Trump has promised to establish a more crypto-friendly administration, with his inauguration in January 2025 expected to kickstart another market rally.
At press time, XRP currently changes hands for $2.16, up 10.71% in December despite the ongoing turbulence. XRP is one of few leading assets witnessing gains in December.