A prominent analyst Armando Pantoja, who is an IBM blockchain award recipient and the member of the Benzinga crypto advisory board, has urged investors to stop doubting over XRP amidst the prevailing market uncertainty over the token.
Explosive Run Imminent?
In a recent X post, the analyst has urged the investors to stop doubting XRP and has shared several reason as to why he believes an XRP explosive run is on the horizon. These remarks come as XRP, which saw a 284% rally in November, is now experiencing a slowdown in its bullish trend amid ongoing consolidation in the broader crypto market.
While many experts are optimistic that XRP could soon resume its uptrend, the current range-bound phase has triggered uncertainty among investors, leading to profit-taking trades. As per recent data, XRP Exchange Reserve on Binance has spiked from 2.79 billion tokens on Dec. 16 to the current figure of 2.93 billion.
The rise 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 This Uncertainty Stems From?
The mountain uncertainty around 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 might miss out on the current bull run, advising them to seek gains elsewhere.
After its impressive performance following a Trump win in the US elections, the pessimism around XRP has yet again resurfaced. Nevertheless, some analyst have predicted higher targets for XRP, such as the $27 mark and a bold $33 price levels, but many consider these predictions to be unrealistic.
However, despite some believing that XRP’s uptrend might have exhausted, Pantoja remains optimistic, as he pointed out to the altcoin’s explosive run in the 2017/2018 cycle as a key reason behind his optimism. Notably, XRP traded as low as $0.003 in January 2017, falling while other assets surged at the start of the bull run.
XRP Set To Outperform The Market?
Strikingly, once it broke out, XRP outperformed the rest of the market, as it rallied from the $0.003 low to the $3.31 all-time high in January 2018. This marked an explosive 110,233% increase within a year. Pantoja remarked that, with this rally, XRP transformed $1,000 to $1.1 million.
The historic run highlighted XRP’s potential which has now fueled confidence among analysts. He also noted other catalysts that could lead to a similar explosive run, like the possible conclusion of the SEC vs. Ripple lawsuit, and a new pro-crypto leadership incoming in January 2025.
Trump has promised to establish a more crypto-friendly administration, with his inauguration in January 2025 expected to trigger another market rally. At press time, XRP is currently changing hands for $2.16, up 10.71% in December despite the ongoing volatility.
