The prominent altcoin, data from CoinMarketCap. This price increase adds to the token’s impressive form all week, culminating in a gain of 11.85% over the past seven days.
Interestingly, it appears that there could be bigger gains for XRP investors in the coming months as popular crypto analyst Ben Armstrong has positioned the token as the most favorable investment asset ahead of a potential bull crypto market in 2024-2025.
XRP is the token to buy in 2024, analyst explains why
In a recent video on YouTube, Ben Armstrong is backing XRP to become the leader of a potential crypto bull run over the next two years. Armstrong supports his claim regarding many factors, including the team behind XRP, the token’s marketing, performance, usability, community, and technology, among others.
In his marketing commentary, the renowned analyst explains that XRP is one of the most advertised assets for institutional investors. Furthermore, he claimed that the token’s publicity has largely increased following Ripple’s lengthy wrangling with the US Securities and Exchange Commission, which ultimately resulted in a partial victory.
On XRP’s performance, Ben Armstrong admits that the altcoin left a lot to be desired during the last bull run in 2020-2021. However, he attributes this negative performance to a squeeze caused by the SEC case against Ripple. To support his XRP prediction, the crypto analyst notes that the altcoin gained over 44,000% during the 2017 bull run and could repeat a similar performance, surpassing the next bull run in 2024-2025.
Moreover, Ben Armstrong also believes that XRP will experience more adoption by traditional institutions in the world. In particular, he refers to the current application of the token in the creation of CBDCs by the central banks of some countries.
Armstrong notes that he is concerned about XRP’s tokenomics
In his bold XRP prediction, Ben Armstrong raised some concerns about the altcoin’s tokenomics, as half of the coin’s supply is controlled by Ripple.
Notably, this factor does not change the analyst’s projection of the altcoin in 2024-2025. In fact, he believes that retaining his control over XRP is beneficial for investors. However, Armstrong predicts that Ripple’s dominance of the XRP market could prove to be an unfavorable policy in the long run.
At the time of writing, XRP is trading at $0.687, down 1.57% in the past hour. Meanwhile, the token’s trading volume has increased by 51.78% over the past 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