Renowned analyst Armando Pantoja, winner of the IBM Blockchain Award and member of Benzinga’s Cryptocurrency Advisory Board, urged investors to suspend their skepticism about XRP amid widespread market uncertainty.
An explosive run is coming?
In a recent X post, the analyst urged investors to stop doubting XRP and shared several reasons why he believes it’s about to break out. These comments come as XRP, which gained 284% in November, is now seeing its bullish trend slow down amid ongoing consolidation in the broader cryptocurrency market.
Although many experts are optimistic that XRP may soon recover its upward trend, the current range-bound volatility phase has raised uncertainty among investors, leading to profit-taking trades. According to recent data, Binance's XRP exchange reserves have surged from 2.79 billion tokens on December 16 to the current 2.93 billion.
The increase in Binance exchange reserves indicates that market participants are depositing assets on the platform for sale. Nevertheless, Pantoja urged investors not to doubt XRP any longer.
Where does this uncertainty come from?
The immense uncertainty surrounding XRP has become evident, as it performed poorly during both the 2021 bull market and the early stages of the current bull market. Even market veteran Raoul Pal warned that XRP investors might miss the current bull market and suggested they seek returns elsewhere.
After Trump's victory in the U.S. presidential election, Ripple showed strong performance, but pessimism resurfaced. Nevertheless, some analysts predict that Ripple will reach higher targets, such as the $27 mark and the bold $33 price level, though many believe these predictions are unrealistic.
However, despite some believing that XRP's upward trend may have exhausted, Pantoja remains optimistic, pointing out that the explosive growth of altcoins during the 2017/2018 cycle is the main reason for his optimism. Notably, XRP traded as low as $0.003 in January 2017, while other assets surged at the start of the bull market.
Will XRP outperform the market?
Surprisingly, once it exploded, XRP outperformed other markets, rising from a low of $0.003 to a historic high of $3.31 in January 2018. This marked an explosive growth of 110,233% within a year. Pantoja pointed out that with this rebound, XRP transformed from $1,000 to $1.1 million.
The historic uptrend highlights XRP's potential, which now enhances analysts' confidence. He also pointed out other catalysts that could lead to similar explosive growth, such as the potential conclusion of the SEC vs. Ripple case and the emergence of new leadership supporting cryptocurrencies in January 2025.
Trump promised to establish a more cryptocurrency-friendly government, and he is expected to take office in January 2025, which will trigger another market rebound. As of the time of writing, the current trading price of XRP is $2.16, despite ongoing volatility, it has still risen by 10.71% in December.