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XRP, the cryptocurrency that recently experienced a massive 284% rally in November, now finds itself in a phase of consolidation, leaving investors uncertain about its next move. Armando Pantoja, an IBM blockchain award recipient and member of the Benzinga crypto advisory board, shared his insights on XRP’s current position amidst this range-bound market trend.
After a significant price surge, XRP’s momentum seems to be slowing down, as evidenced by an increase in the token’s Exchange Reserve on Binance. CryptoQuant data reveals that the reserve has risen from 2.79 billion tokens on December 16 to 2.93 billion tokens, signaling a potential sell-off by market participants. This uptick in reserves points to profit-taking activity, as investors look to capitalize on XRP’s recent price movements. Despite the range-bound phase, Pantoja encourages investors to “stop doubting XRP,” emphasizing its long-term potential.
Pessimism around XRP has been a recurring theme, especially after its underperformance during the 2021 bull run and early in the ongoing cycle. High-profile figures, including Raoul Pal, suggested that XRP investors might miss out on the current market rally, urging them to look elsewhere for potential gains. However, this sentiment has started to shift, especially following XRP’s remarkable performance tied to Donald Trump’s election victory. Analysts are now revisiting more ambitious price targets for XRP, with some predicting a surge to as high as $27 or even $33—targets that many have dismissed as overly optimistic.
Stop doubting $XRP:
— Armando Pantoja (@_TallGuyTycoon) December 28, 2024
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
Pantoja, however, remains optimistic. He recalls XRP’s explosive rally during the 2017/2018 cycle, where the asset soared from a mere $0.003 to an all-time high of $3.31. This 110,233% surge turned $1,000 into $1.1 million, highlighting XRP’s potential for significant price movements. Pantoja believes that with the ongoing legal battle between Ripple and the SEC potentially concluding in 2025, and the possibility of a more crypto-friendly U.S. administration under Donald Trump, XRP could see another monumental rise.
Also Read: XRP Price Forecast: Could Ripple Reach $27 by 2025? Egrag Crypto’s Bold Predictions
At press time, XRP is trading at $2.16, up 10.71% in December despite the prevailing market turbulence. As XRP navigates this consolidation phase, investors and analysts alike are keenly watching for any signs of the next explosive surge.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
A lifelong learner with a thirst for knowledge, I am constantly seeking to understand the intricacies of the crypto world. Through my writing, I aim to share my insights and perspectives on the latest developments in the industry. I believe that crypto has the potential to create a more inclusive and equitable financial system, and I am committed to using my writing to promote its positive impact on the world.
