Crypto analyst Armando Pantoja promises a bullish price action for XRP, expecting the coin to surge to $8 and $20 by 2026.
Institutional adoption is still a major catalyst for the potential growth of XRP. 

Ripple is currently grappling with legal challenges brought forth by the U.S. Securities and Exchange Commission (SEC). Such regulatory pressure has caused a significant negative impact on the market performance of XRP, with the asset coming down by a dramatic drop from its record high in 2018. A pending lawsuit between Ripple and the SEC has caused turmoil for the investors and is still to be resolved.

Though there is a bearish sentiment around XRP, crypto analyst Armando Pantoja is bullish about the asset. Pantoja promises a bullish price action for XRP, expecting the coin to surge to between $8 and $20 by 2026. Such an ambitious forecast implies the possibility of a growth of 3,557.6% from the current levels. Pantoja provides an optimistic outlook for the future based on historical precedents, institutional endorsement, and strategic alliances recently established by Ripple.

$XRP true value is $8-$20 by 2026. It’s the easiest trade of my life.

1. Historical Precedent Powerhouse
2. Institutional Adoption Tsunami
3. Market Trends and Utility Explosion
4. Future Financial Services Demand
5. Legal Clarity & Partnerships will Boom pic.twitter.com/fv2WlkuNHk

— Armando Pantoja (@_TallGuyTycoon) May 7, 2024

Institutional Adoption and Strategic Partnerships

Institutional adoption is still a major catalyst for the potential growth of XRP. Ripple has successfully integrated technology into some of the largest financial institutions like Bank of America and the Royal Bank of Canada. Additionally, alliances such as the HashKey DX partnership to introduce XRP Ledger-based solutions in Japan and the partnership with SBI Ripple Asia have added value to XRP in the digital asset sphere. These trends indicate that XRP is becoming more acceptable and used in traditional finance systems.

Ripple’s ongoing attempts to improve the XRP Ledger (XRPL), such as the XLS-68d specification, aim to enhance the platform’s operation and usability. XRP’s technological improvements are essential for enhancing its usage and attractiveness in the digital economy. In addition, legal certainty regarding the pending lawsuit with the SEC is critical for the growth of XRP. Ripple’s strong opposition to SEC accusations and the expected positive outcome has raised the level of hope amongst both investors and supporters.

Although Pantoja’s bullish forecast promises good prospects for XRP, the short-term market analysis paints a different picture. XRP technical indicators suggest that the asset may soon suffer from further downside pressure, aiming at key support levels.

Analyst Jonathan Carter Foresees XRP Rally

Renowned analyst Jonathan Carter has sparked intrigue among cryptocurrency enthusiasts with his recent forecast for XRP. Known for his great chart analysis, Carter highlights that XRP, the native digital asset of the Ripple network, may be ready for a major breakout anytime soon. His forecast is a multi-year symmetrical triangle pattern in the XRP price chart.

The symmetrical triangle pattern in XRP price action signifies a consolidation state in which two trend lines meet, one sloping upwards and the other sloping downwards. Usually, this configuration suggests an equilibrium between buying and selling forces. In the case of XRP, the upper trendline is a resistance, and the lower trendline is a support line

In particular, Carter’s analysis of XRP’s weekly time frame pinpoints a critical point after April’s cryptocurrency slide. XRP witnessed a sharp decline to around $0.42, causing the symmetrical triangle’s lower trendline to be retested. According to Carter, this retest hints at the possibility of reemerging buying pressure.

Carter targets XRP with aggressive price objectives in case of a breakout. The first price goal is $0. 93, which was an important resistance level attained in July 2023. Yet, this success was brief, as a strong opposition was encountered afterward. Carter’s optimism, buoyed by technical indicators, suggests a renewed potential for XRP to surpass this barrier.

---

Filed under: Bitcoin - @ May 9, 2024 6:18 pm