Cryptocurrency analyst Ben Armstrong offers insights into XRP’s potential future amid market turbulence.
XRP volatility and analyst predictions
XRP, a popular cryptocurrency, has experienced significant volatility recently, with prices plummeting over 8% in the last 24 hours. Amidst this uncertainty, well-known crypto analyst Ben Armstrong has voiced his perspective on the future of XRP in a recent video analysis.
Armstrong’s bullish outlook on XRP
Armstrong argues that despite current bearish trends, now could be the last chance for investors to join the XRP train at its relatively low price of $0.6017. He anticipates an explosive rally for XRP, suggesting that once it reclaims the $0.70 mark, it could surge toward the $1 threshold.
XRP’s potential scenarios leading up to Bitcoin halving
Armstrong speculates on three potential scenarios for XRP leading up to the highly anticipated Bitcoin halving event, approximately 40 days away. In his first projection, he suggests that XRP might revisit its all-time high of $3.84 before the April halving, though with moderate confidence.
Alternatively, Armstrong proposes that XRP could test $2 before the Bitcoin halving event if it falls short of reclaiming its all-time high. His third scenario posits that XRP must reach the $1 target before Bitcoin halves. Achieving $1 from the current $0.6017 level requires approximately a 66.1% gain.
Market outlook and timing
Armstrong paints a mixed picture of the overall cryptocurrency market leading up to the halving event. He suggests the possibility of one or two weeks of downward momentum preceding the halving, hinting that the current bullish trend might culminate around the end of March, coinciding with the close of the year’s first quarter.
However, despite this potential short-term downturn, Armstrong remains optimistic about the broader trajectory of the market. He indicates investors could anticipate more substantial gains before the bull season concludes next year.
