According to data from CoinMarketCap, popular altcoin XRP performed positively over the past day, rising 6.92%. This price increase adds to the token’s impressive form throughout the week, recording an increase of 11.85% over the past seven days.
Interestingly, there could be bigger gains for XRP investors in the coming months as popular cryptocurrency analyst Ben Armstrong has listed XRP as the most favorable asset to invest in ahead of a potential 2024-2025 cryptocurrency bull market. It appears to be.
XRP is the token to buy in 2024. The analyst explains why.
In a recent YouTube video, Ben Armstrong advocated for XRP to emerge as a leader in a potential cryptocurrency bull market over the next two years. Armstrong backs up his claims with a number of factors, including the XRP team, token marketing, performance, utility, community, and technology.
Commenting on marketing, the renowned analyst explains that XRP is one of the most advertised assets to institutional investors. Moreover, he claimed that the token’s publicity has increased significantly since Ripple’s long-running dispute with the US Securities and Exchange Commission (SEC), which ultimately resulted in a partial victory.
Commenting on XRP’s performance, Ben Armstrong admitted that the altcoin left a lot to be desired during the last bull market of 2020-2021. However, he believes that this negative performance is due to the oppression caused by the SEC case against Ripple. To back up his XRP prediction, the cryptocurrency analyst points out that the altcoin rose more than 44,000% in the 2017 bull market and could repeat similar performance to take the top spot in the next bull market in 2024-2025.
Ben Armstrong also believes that XRP will experience greater adoption by traditional institutions around the world. In particular, he noted that central banks in some countries are currently applying tokens when creating CBDCs.
Armstrong is concerned about XRP’s token economics.
In his bold XRP prediction, Ben Armstrong expressed some concerns about the altcoin’s tokenomics since half of the coin’s supply is controlled by Ripple.
Notably, this factor does not change analysts’ forecasts for altcoins in 2024-2025. In fact, he believes it is beneficial for investors for payments companies to retain control over XRP. However, Armstrong predicts that Ripple’s dominance in the XRP market could be an unfavorable policy in the long term.
At the time of writing, XRP is trading at $0.687 and has lost 1.57% in the past hour. Meanwhile, the token’s trading volume increased by 51.78% in the last day and its current value stands at $2.4 billion.
XRP trading at $0.685 on the daily chart | Source: XRPUSD chart on Tradingview.comFeatured image from CoinMarketCap, chart from Tradingview