XRP Sees Positive Performance, Analyst Predicts Favorable Future
XRP has experienced a 6.92% increase in the last day, contributing to its overall impressive performance this week with an 11.85% gain in the past seven days, according to data from CoinMarketCap.
Crypto analyst Ben Armstrong believes that XRP is the most favorable asset for investment, particularly in anticipation of a potential bull crypto market in 2024-2025.
Analyst Supports XRP as Potential Leader of Bull Run
Ben Armstrong explains his support for XRP as the leader of a future bull run based on various factors such as the team behind XRP, marketing efforts, performance, utility, community, and technology.
He notes that XRP has been heavily advertised to institutional investors and gained more publicity during Ripple’s dispute with the US Securities and Exchange Commission (SEC).
While XRP had a negative performance during the last bull run due to the SEC case, Armstrong highlights its significant gains in the 2017 bull run as evidence of its potential for future success.
Additionally, he predicts increased adoption of XRP by traditional institutions due to its use in central bank digital currency (CBDC) initiatives.
Concerns Over XRP’s Tokenomics
Although Ben Armstrong expresses concern about half of XRP’s supply being controlled by Ripple, he believes it won’t hinder the altcoin’s performance in 2024-2025.
However, he suggests that Ripple’s dominance may not be beneficial in the long run.
XRP’s Current Status
At present, XRP is trading at $0.687 with a slight loss of 1.57% in the last hour. The token’s trading volume has increased by 51.78% in the last day, reaching a value of $2.4 billion.
Hot Take: XRP Shows Promise for Future Growth
XRP’s recent positive performance and the support it has received from analyst Ben Armstrong indicate that the altcoin may be poised for significant growth in the coming years. With its strong marketing efforts, potential utility in CBDCs, and past performance during bull runs, XRP has caught the attention of investors. However, concerns about Ripple’s control over its token supply raise questions about the altcoin’s long-term prospects. Nonetheless, XRP remains an intriguing asset to watch as the crypto market evolves.
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