Prominent analyst Armando Pantoja, recipient of an IBM blockchain award and member of Benzinga’s crypto advisory board, has urged investors to stop hesitating about XRP amid prevailing market uncertainty over the token.
Explosives flight coming?
In a recent X post, the analyst urged investors to stop doubting XRP and shared several reasons why he believes an explosive XRP run is in store. These comments come as XRP, which rallied 284% in November, is now experiencing a slowdown in its bullish trend amid continued consolidation in the broader crypto market.
While many experts are optimistic that XRP could resume its uptrend soon, the current range-bound phase has created uncertainty among investors, leading to profitable trades. According to recent data, XRP Exchange Reserve on Binance has increased from 2.79 billion tokens on December 16 to the current figure of 2.93 billion.
The increase in Binance exchange reserves suggests that market participants are depositing assets for sale on the platform. Despite this, Pantoja has urged investors to stop doubting XRP.
Where does this uncertainty come from?
The enormous uncertainty surrounding XRP has emerged as it underperformed during the 2021 bull run and in the early stages of the ongoing bull market. Even market veteran Raoul Pal has warned that XRP investors may miss out on the current bull run, advising them to look for profits elsewhere.
After the impressive performance following Trump’s victory in the US elections, pessimism surrounding XRP has resurfaced. Nevertheless, some analysts have predicted higher targets for XRP, such as the $27 mark and a bold price level of $33, but many consider these predictions unrealistic.
Despite some believing that XRP’s uptrend may be exhausted, Pantoja remains optimistic as he pointed to the altcoin’s explosive run in the 2017/2018 cycle as a major reason behind his optimism. Notably, XRP was trading as low as $0.003 in January 2017 and falling, while other assets soared at the start of the bull run.
XRP will outperform the market?
Remarkably, once XRP broke out, it outperformed the rest of the market as it recovered from a low of $0.003 to an all-time high of $3.31 in January 2018. This marked an explosive increase of 110.233% within a year. Pantoja noted that XRP transformed $1,000 to $1.1 million with this rally.
The historic run highlighted the potential of XRP, which has now fueled confidence among analysts. He also noted other catalysts that could lead to a similarly explosive run, such as the possible conclusion of the SEC vs. Ripple lawsuit, and a new pro-crypto leadership set to emerge in January 2025.
Trump has promised to create a more crypto-friendly government, with his inauguration in January 2025 expected to spark another market rally. At the time of writing, XRP is currently changing hands at $2.16, up 10.71% in December despite continued volatility.