Renowned analyst Armando Pantoja, an IBM Blockchain Award winner and member of the Benzinga Cryptocurrency Advisory Council, urges investors to stop doubting XRP amid widespread market uncertainty.
Is an explosive run imminent?
In a recent post on X, the analyst urged investors to stop doubting XRP and shared several reasons why he believes XRP is about to explode. These remarks come as XRP surged by 284% in November, and its bullish trend is slowing amid ongoing consolidation in the broader cryptocurrency market.
Despite many experts being optimistic that XRP may soon resume an upward trend, the current range-bound phase has triggered 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 reserves at Binance exchange indicates that market participants are depositing assets on the platform for sale. Nonetheless, Pantoja urges investors not to doubt XRP any further.
Where does this uncertainty come from?
The immense uncertainty surrounding XRP has become evident, as it underperformed in the early stages of both the 2021 bull market and the current bull market. Even market veteran Raoul Pal has warned that XRP investors may miss out on the current bull market and suggested they seek returns elsewhere.
XRP performed well after Trump won the U.S. election, but pessimism has resurfaced. Nonetheless, some analysts predict that XRP will reach higher targets, such as the $27 threshold and the bold $33 price level, though many consider these forecasts 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 was trading as low as $0.003 in January 2017, while other assets surged at the beginning of the bull market.
Will XRP surpass the market?
Surprisingly, once it exploded, XRP outperformed other markets, rising from a low of $0.003 to a historical high of $3.31 in January 2018. This marked an explosive growth of 110,233% within a year. Pantoja noted that with this rebound, XRP turned $1,000 into $1.1 million.
The historic rally highlights XRP's potential, which now boosts analysts' confidence. He also pointed out other catalysts that could lead to similar explosive rallies, such as a potential resolution of the SEC vs. Ripple case and a new leadership supporting cryptocurrencies expected to emerge in January 2025.
Trump's promise to establish a more crypto-friendly government is expected with his inauguration in January 2025, which could trigger another market rebound. As of the time of writing, XRP's current trading price is $2.16, and despite ongoing volatility, it has increased by 10.71% in December.