- Prominent analyst Armando Pantoja remains optimistic about XRP’s potential for a major rally, citing historical performance
- Despite current market uncertainty, Pantoja believes XRP could replicate its explosive 2017/2018 run.
In the midst of ongoing market uncertainty, XRP has garnered significant attention from analysts and investors. Notably, some have come foward predicting that a major XRP rally could be on the horizon.
Prominent blockchain analyst Armando Pantoja, a member of the Benzinga crypto advisory board and an IBM blockchain award recipient via a post on the x platform, has urged investors to stop doubting the token’s potential.
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
Despite the current slowdown in XRP’s bullish momentum, Pantoja remains optimistic, citing historical performance and upcoming catalysts as reasons why XRP could experience an explosive run in the near future.
Looking back at XRP’s price, the digital asset which impressively saw a staggering 284% rally in November, has recently entered a phase of consolidation. As the broader crypto market continues to exhibit a range-bound trend, investor uncertainty has increased, leading to profit-taking actions.
Recent data shows that XRP’s Exchange Reserve on Binance has risen from 2.79 billion tokens on December 16 to 2.93 billion tokens, suggesting that market participants are preparing to sell. Despite this, Pantoja has urged investors to remain confident, emphasizing that the current market conditions should not be a cause for doubt.
As of now, XRP is swapping hands with $2.06 marking a 5.32% decline in the past 24 hours. Also, its market cap has fallen short by 5.32%. In the same vein, the digital asset’s 24 hour trading volume has experienced a 82.42% surge stopping at $4.48B.
The uncertainty surrounding the digital asset is not new. The token has struggled to live up to expectations during previous market cycles. For instance, it underperformed during the 2021 bull run, and despite some early signs of growth in the current market cycle, it has yet to reclaim the momentum that many had hoped for.
Upon noticing this,market veteran Raoul Pal has cautioned that investors could miss out on the ongoing bull run, suggesting they may need to look elsewhere for profits.
This skepticism has persisted even after XRP’s impressive price action following the 2016 US elections, which saw a surge in interest due to the favorable market conditions. Yet, the pessimism surrounding XRP resurfaced after the initial excitement faded.
Despite this, some analysts remain bullish, with price targets reaching as high as $27 or even $33. While these predictions seem overly ambitious to some, Pantoja remains steadfast in his belief that XRP’s potential is far from exhausted.
A Look Back at XRP’s Historic Rally
Pantoja draws parallels to XRP’s explosive performance during the 2017/2018 market cycle. At the beginning of 2017, the digital asset was trading at just $0.003, far below the market’s radar. While other assets surged in the early stages of the bull run, XRP languished at the bottom. However, once it broke out, XRP outperformed the broader market, skyrocketing from $0.003 to a high of $3.31 by January 2018.
This dramatic 110,233% rally transformed a $1,000 investment into $1.1 million, highlighting the asset’s potential for explosive growth.
