A seasoned market pundit, Armando Pantoja, decries those doubting XRP as several factors signal an imminent explosive rally.
The remarks by Armando Pantoja, who serves on the Benzinga crypto advisory board, follow the persistent retracement ongoing in the broader digital assets market. The IBM blockchain award recipient urged investors to avoid disrupting XRP despite the pullback witnessed following the 284% rally in November.
Despite the crypto assets facing the potential exhaustion of their bullish trend, Pantoja echoes other experts’ bold outlook that an XRP upsurge is imminent. The analyst observes that the range-bound phase fueled uncertainty, prompting profit-taking trades.
The reflection on recent CryptoQuant data reveals the XRP Exchange Reserve on the crypto exchange Binance surged from 2.79 billion tokens on Monday, Dec. 16, to the present 2.93 billion.
Refrain From Doubting XRP
The uptick in the Binance exchange reserve demonstrates a campaign urging market participants to deposit the altcoins to the crypto exchange Binance, likely for sales. Despite the prevailing sentiment, Pantoja urges a halt to the doubts targeting XRP.
The pessimism towards XRP emerged when the altcoin dipped during the 2021 and early phases of the cycle. The views have seen veteran experts led by Raoul Pal warn that the investors that further delay would miss out on the current upward movement, urging them to seek alternatives for gains.
XRP has performed impressively in registering key gains since Donald Trump’s re-election. With this altcoin losing steam, pessimism appears to resurface.
Despite such fears, some analysts have forecasted loftier targets for the fourth-ranked crypto, such as the $27 milestone and an ambitious $33 price level. Nonetheless, the projections have met criticism as fantasy targets.
Possible Triggers for Incoming Surge
A percentage of the XRP army is concerned that the altcoin is on the cusp of exhausting the uptrend, prompting Pantoja to invite attention to the explosive run witnessed in the 2017-28 cycle.
While some believe XRP might have exhausted its uptrend, Pantoja cites the explosive upward trajectory in the 2017-18 cycle as a factor for his optimism.
It is worth mentioning that XRP exchanged at a floor price of $0.003 at the onset of 2017, indicating the dump of other digital assets as the bull run began. Surprisingly, the XRP would outperform the entire market as it rallied to set a $3.31 peak in January 2018. Such illustrated 110,233% annual gains. Pantoja indicates the rally translates $1,000 to $1.1M.
The historic leap showed the XRP potential and currently serves as the basis for the analysts’ confidence.
Trump Administration
Pantoja notes that other catalysts that could trigger a major rally include the conclusion of the SEC case against Ripple next year as the federal agency welcomes new leadership.
This expectation is premised on the awareness of Trump identifying Paul Atkins to head the Securities and Exchange Commission (SEC) to succeed Gary Gensler, who exits office on January 20.
In addition, Pantoja highlights that Donald Trump issued a series of promises to have a crypto-friendly administration. The analyst notes that as Trump returns to the Oval Office, he has assembled a crypto-oriented army. Such is evident through David Sacks, the White House crypto czar responsible for overhauling policies.
XRP Path to New Peak
Pantoja’s argument for an imminent uptrend for XRP aligns with market analyst Mr. Xoom’s prediction that the pullback completes Elliott Wave 4 in readiness for an explosive rise in Wave 5.
The recent disclosure by Mr. Xoom is optimistic that the Wave 5-based rally will elevate the prices to $5. Accomplishing this target price implies the XRP needs a 133% rally to the $5 mark, though insisting it is a conservative target.
The bullish outlook for XRP featured in the market analyst Vincent Van Code’s prediction that this altcoin will attain $5 by February 2025. While XRP is still up by 48% in the past 30 days, it needs to build bullish steam to surpass $5.