Cryptocurrency

Analyst Outlines Key Factors to Initiate 7,637% XRP Rally to $20

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.

Read Also: Bitcoin Investor Sets $10 to $20 XRP Price Target, Says Those Calling $5 Are Significantly Underestimating

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.

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.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Recent Posts

3 ‘No Brainer’ Altcoins to Buy in November 2024 as Bitcoin and Ethereum Rise

The cryptocurrency market is exhibiting a strong bullish tendency, with Bitcoin (BTC) and Ethereum (ETH)…

2 hours ago

XRP Price Looks Bleak, Investors Move Into Ripple Alternative Under $0.1 Set To Explode To $5 In Next 2 Months

As the XRP price falters, investors are beginning to find other options. Recent shifts in…

5 hours ago

Which Are The Best Cryptos To Buy Now In November 2024? Top 5 Picks for January 2025

With cryptocurrency adoption on the rise, digital assets are becoming integral to global finance. For…

7 hours ago

$100 In FX Guys ($FXG) Presale Could Change Your Life – Analysts Say It’s On Track To Outpace Ethena And NEIRO By 2025

Crypto market analysts have made bold assertions about the potential of FX Guys ($FXG) to…

10 hours ago

Meme Coin Mania Continues: Analysts Predict These Newcomers Could Deliver 15,000% Returns by Year-End

The surge of interest in meme coins continues unabated as new digital assets promise phenomenal…

10 hours ago

XRP Price Faces Resistance: This RWA Altcoin Could Steal the Spotlight with a 20,000x Surge

XRP price has hit resistance after a recent rally, with several crypto enthusiasts attributing this…

10 hours ago