Famous analyst Armando Pantoja, an IBM Blockchain Award winner and member of the Benzinga Cryptocurrency Advisory Council, urged investors to stop doubting XRP amid widespread market uncertainty.
Is a breakout 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. At the time of these remarks, XRP had risen by 284% in November, and its bullish trend is slowing amid ongoing consolidation in the broader cryptocurrency market.
Although many experts are optimistic that XRP may soon resume an upward trend, the current phase of volatility 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 into 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 apparent, as it underperformed during the early stages of both the 2021 bull market and the current one. Even seasoned market participant Raoul Pal warned that XRP investors might miss out on the current bull market and suggested they seek profits elsewhere.
XRP performed well after Trump won the US election, but pessimism has resurfaced. Nonetheless, some analysts predict that XRP will reach higher targets, such as the $27 mark and the bold $33 price level, although many consider these predictions unrealistic.
However, despite some believing that XRP's upward trend may have exhausted, Pantoja remains optimistic, noting that the explosive growth of altcoins during the 2017/2018 cycle is his main reason for optimism. Notably, XRP traded as low as $0.003 in January 2017, while other assets surged at the onset 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 marks an explosive growth of 110,233% within a year. Pantoja noted that with this rebound, XRP transformed from $1,000 to $1.1 million.
The historic surge highlights XRP's potential, which now bolsters analysts' confidence. He also pointed out other catalysts that could lead to a similar explosive surge, such as the potential resolution of the SEC vs. Ripple case and the emergence of new leadership supporting cryptocurrencies in January 2025.
Trump's promise to establish a more cryptocurrency-friendly government is expected to trigger another market rebound when he takes office in January 2025. As of the time of writing, XRP is currently trading at $2.16. Despite ongoing volatility, it rose by 10.71% in December.