Prominent altcoin, XRP, has produced a positive performance in the last day, rising by 6.92%, according to data from CoinMarketCap. This price increase adds to the token’s impressive form all week, culminating in an 11.85% gain in the last seven days.
Interestingly, it appears there may be larger gains for XRP investors in the coming months as popular crypto analyst Ben Armstrong has placed the token as the most favorable asset for investment ahead of a potential 2024-2025 bull crypto market.
XRP Is The Token To Buy In 2024, Analyst Explains Why
In a recent video on YouTube, Ben Armstrong has backed XRP to emerge as the leader of a potential crypto bull run over the next two years. Armstrong supports his claim with respect to many factors, including the team behind XRP, the token’s marketing, performance, utility, community, and technology, among others.
When commenting on marketing, the renowned analyst explains that XRP is one of the most advertised assets to institutional investors. Furthermore, he claimed that the token’s publicity has largely increased following Ripple’s long-lasting squabble with the US Securities and Exchange Commission, which eventually resulted in a partial victory.
On XRP’s performance, Ben Armstrong admits the altcoin left much to desire in the last bull run in 2020-2021. However, he attributes this negative performance to a suppression induced by the SEC case against Ripple. To back his XRP prediction, the crypto analyst notes that the altcoin gained by over 44,000% in the 2017 bull run and could repeat a similar feat, topping the next bull run in 2024-2025.
In addition, Ben Armstrong also believes that XRP Is going to experience more adoption by traditional institutions in the world. Notably, he references the current application of the token in the creation of CBDCs by the central banks of some nations.
Armstrong Notes Worry Over XRP’s Tokenomics
In his bold XRP prediction, Ben Armstrong has expressed some worry over the altcoin’s tokenomics as half of the coin’s supply is controlled by Ripple.
Notably, this factor does not alter the analyst’s projection of the altcoin in 2024-2025. In fact, he believes the payment company to retain his control over XRP to be beneficial for investors. However, Armstrong predicts Ripple’s dominance in the XRP market might prove to be an unfavorable policy in the long run.
At the time of writing, XRP trades at $0.687, with a 1.57% loss in the last hour. Meanwhile, the token’s trading volume is up by 51.78% in the last day and is currently valued at $2.4 billion.
XRP trading at $0.685 on the daily chart | Source: XRPUSD chart on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview
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Author: Semilore Faleti