Despite the prevailing bear market, some analysts remain optimistic about the future of XRP. Armando Pantoja (@_TallGuyTycoon), a prominent crypto figure, recently outlined four factors that could contribute to a significant price increase for XRP. Based on these factors, Pantoja believes XRP can climb 7,637% to $20.
Pantoja utilizes Elliott Wave theory, a technical analysis tool, to predict future price movements. This theory identifies cyclical wave patterns that repeat over time. In a monthly chart, Pantoja observes XRP nearing the completion of a five-wave Elliott Wave structure.
Historically, similar patterns have preceded substantial price surges. For instance, in 2017, XRP’s price skyrocketed after completing a comparable Elliott Wave pattern. This analysis suggests that a significant price increase could occur once the current wave structure is complete. Another analyst recently spotted a similar pattern, setting an astonishing target of $36 for XRP.
XRP’s Market Performance
Pantoja highlighted that XRP has exhibited resilience compared to other cryptocurrencies during the recent market downturn. While the broader market experiences significant declines, XRP’s losses have been more muted. Although XRP did not mirror other assets’ surges during the recent bullish phase, this limited downward momentum shows underlying strength and has renewed hope for a resurgence.
For example, Bitcoin and Ethereum, generally considered less volatile than XRP, have witnessed steeper price drops in June. Bitcoin has dropped 10.48% in the past month, currently trading at $61,904.47. Ethereum has experienced a similar fate, dropping 8.49% to its current price of $3,410.21.
Additionally, altcoins like Shiba Inu and Solana have suffered even greater losses. However, Bitcoin and Ethereum have shown signs of recovery, up 4.3% and 2.98% over the past 24 hours, suggesting a recovery could be imminent.
The Importance of Legal Clarity
Legal clarity is Pantoja’s third factor that could contribute to an XRP bull run. The ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) has frustrated XRP investors, but the lawsuit is near its end. Many in the XRP community, including an ex-Ripple director believe the end of the lawsuit will bring massive surges for XRP.
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Read Also: Crypto Expert States Why and When XRP Will Reach $20
Technological Advancements on the XRP Ledger
The XRP Ledger’s ongoing development is the final factor identified by Pantoja. Recent advancements include the introduction of Automated Market Maker (AMM) functionality, which has spurred the growth of the XRPL DeFi ecosystem. Millions of XRP tokens are currently locked in AMM tools on the XRPL.
Furthermore, Ripple is planning to launch a lending protocol and an EVM sidechain, both designed to strengthen the XRPL’s DeFi capabilities further. These factors could help boost investor confidence, pushing XRP toward Pantoja’s $20 target.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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