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XRP to $20: Industry Pundit Outlines 4 Factors That Could Trigger 7,637% XRP Surge – The Crypto Basic

Bitcoin analyst Armando Pantoja recently laid out four factors that could propel XRP’s price up to a 7,637% surge towards $20.

Pantoja, who also serves on Benzinga’s Crypto Advisory Board, made the prediction in a recent commentary on X despite the ongoing bear market.

It is noteworthy that XRP has not been able to escape the ongoing market crash, dropping 8.77% this month and retesting the lows of $0.47. However, the ongoing market crash has not affected investor confidence. As a result, Bullish predictions Many brands have been born, with one of the latest coming from Pantoja.

Market commentators say XRP is trading at double-digit highs Price: $20 In the future, this would represent a massive 7,637% increase from its current value. Pantoja further expressed confidence in this ambitious goal, outlining four factors that could propel XRP to this price target.

XRP Elliott Wave Structure

Pantoja noted that XRP was following an Elliott Wave pattern, a common technical analysis tool used to predict market movements by identifying recurring wave patterns. The pattern was confirmed in the monthly chart accompanying his disclosure.

According to him, XRP is nearing the completion of its current five-wave structure, and historical data supports this analysis, as seen in 2017. XRP Price After a similar pattern was completed, it surged 7,784%. This wave theory suggests that a significant price rally is likely to occur once the fifth wave is complete.

XRP Market Resilience

Despite the ongoing downturn affecting the entire cryptocurrency market, XRP has shown remarkable resilience compared to other altcoins, with Pantoja highlighting that XRP’s ability to outperform other coins during these challenging times is a key indicator of its strength and potential.

As previously reported, XRP fell 8.77% in June. However, while other cryptocurrencies experienced more severe declines, the crypto asset showed impressive resilience against the bear market.

for example, Bitcoin (BTC)Ethereum (ETH), which is usually known for its low volatility and high resilience during market downturns, is down 10.69% this month. Leading altcoins Ethereum (ETH) is down 12.35%, Shiba Inu (SHIB) has faced a much larger price drop of 34.8% in the same period, and Solana (SOL) is down 22.29%.

XRP Boasts Legal Clarity

One of the most significant issues for XRP is its legal battle with the U.S. Securities and Exchange Commission (SEC). XRP Gains Legal Clarity Last June, Judge Analisa Torres ruled that tokens themselves are not securities.

However, the case is now in its fourth year and XRP continues to loom in a legal shadow. Accepting XRPas the litigation drags on. Pantoja argues that a decisive and absolute victory in the case would end the regulatory uncertainty that has plagued XRP for years.

Industry commentators say Ripple’s win will likely restore investor confidence and ease regulatory concerns, leading to capital inflows.

XRP Ledger Technical Improvements

The technological advancements of the XRP Ledger are another key factor in Pantoja’s analysis. Recent developments in particular demonstrate the growth of the XRPL DeFi ecosystem. One such development is the introduction of AMM functionality.

Since then, several AMM tools have been released, Millions of XRP lockedIn addition, Ripple Lending Protocol Another initiative to strengthen the XRPL-native DeFi ecosystem. Another upcoming development is XRPL EVM Sidechain.

While these four factors could drive XRP price movement, there is no guarantee that they will conspire to actually push the price to $20. Therefore, market participants should not take this comment as investment advice. XRP is currently trading at $0.4698, down 2% over the past 24 hours.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.