Armando Pantoja, a Bitcoin analyst, recently presented four factors capable of triggering a 7,637% price increase for XRP toward the $20 territory.
Pantoja, who also serves as a member of Benzinga’s crypto advisory board, recently made these projections in a commentary on X despite the prevailing bearish market condition.
Notably, XRP has not escaped the ongoing market bloodbath, now down 8.77% this month, as it retests the $0.47 low. However, the ongoing market dump has not impacted investor confidence. Consequently, bullish predictions have sprung up, with one of the latest ones coming from Pantoja.
The market commentator predicts XRP to clinch a two-digit price of $20 in the future, representing a massive 7,637% increase from the current value. Pantoja went further to outline four different factors that could push XRP to this price target, expressing confidence in the ambitious goal.
5 reasons I can CLEARLY see a 7,637% rise in $XRP to $20.
– Elliott Wave Structure: #XRP follows a 5-wave pattern leading to price spikes. We are close to completing it. 2017 saw a 7,784% rise post-pattern.
– Market Resilience: XRP is outperforming other #altcoins in current… pic.twitter.com/53nOeKnuiY
— Armando Pantoja (@_TallGuyTycoon) June 23, 2024
XRP Elliott Wave Structure
Pantoja pointed out that XRP is adhering to an Elliott Wave pattern, a common technical analysis tool used to predict market trends by identifying repetitive wave patterns. This pattern was observed in a monthly chart accompanying his disclosure.
According to him, XRP is nearing the completion of the current five-wave structure. Historical data supports this analysis, as seen in 2017 when XRP’s price skyrocketed by 7,784% after a similar pattern was completed. This wave theory suggests that once the fifth wave is completed, a significant price surge is likely.
XRP’s Market Resilience
Despite the ongoing downturn affecting the broader cryptocurrency market, XRP has shown remarkable resilience compared to other altcoins. Pantoja emphasizes that XRP’s ability to outperform its peers during such challenging times is a significant indicator of its strength and potential.
As earlier disclosed, XRP has dropped 8.77% in June. However, the crypto asset has demonstrated impressive resilience against the bears, as other cryptocurrencies have witnessed more brutal declines.
For instance, Bitcoin (BTC), which typically boasts lower volatility and greater resilience during market declines, is down 10.69% this month. Ethereum (ETH), the leading altcoin, has collapsed 12.35% and Shiba Inu (SHIB) is facing a massive 34.8% price slump within the same timeframe. Solana (SOL) is down 22.29%.
XRP Boasts Legal Clarity
One of the most significant overhangs for XRP has been its legal battle with the U.S. Securities and Exchange Commission (SEC). However, XRP secured legal clarity last June when Judge Analisa Torres ruled that the token in itself is not a security.
However, with the case lingering into its fourth year, XRP still retains the legal shadow cast over it. Multiple institutions have still not embraced XRP, as the lawsuit drags on. Pantoja asserts that a definitive and absolute win in the lawsuit would eliminate regulatory uncertainties that have long plagued XRP.
According to the industry commentator, a victory for Ripple would restore investor confidence and also likely lead to an influx of capital as regulatory fears dissipate.
Improved Technology on the XRP Ledger
The technological advancements in the XRP Ledger are another crucial factor in Pantoja’s analysis. Notably, recent developments have demonstrated a growth in the XRPL DeFi ecosystem. One such development involved the introduction of AMM functionality.
Since then, multiple AMM tools have launched with millions of XRP locked. In addition, Ripple is looking to introduce a lending protocol native to the XRPL in another effort to boost the network’s DeFi ecosystem. Another forthcoming development is the imminent launch of the XRPL EVM sidechain.
While these four factors are capable of bolstering XRP’s price action, there is no guarantee that a confluence of them would actually lead to a $20 price. As a result, market participants should not take this commentary as investment advice. XRP currently trades for $0.4698, down 2% over the last 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
