By Michael Scott
Renowned angel investor Armando Pantoja dismissed the scepticism around XRP’s upward trajectory to $100.
Pantoja conveyed insights on social media to refute critics, indicating XRP’s uptrend to the new market cap is unattainable. The crypto investor cited XRP’s future potential as reminiscent of the early internet days.
Pantoja that those dismissing XRP reaching $100 price level citing market cap rekindled memories of when investors overlooked the internet in the 1990s only to become the dominant force today. The crypto advocate considers the stance emerged as only a fraction of the society owned personal computers.
In his insights, Pantoja indicates via an X post that people adopt as things change. The analyst urges the crypto investors to seek beyond the ongoing market constraints. Pantoja reiterated the path for technologies and crypto adoption unfolds unexpectedly. Such is evident in the explosive internet growth.
The commentary emerges as the XRP witnessed a stellar performance over the past two weeks. The impressive gains have seen XRP navigate uncharted territory, prompting most analysts to issue an optimistic outlook.
Can XRP Surge 6,750% to $100?
Pantoja observes that XRP currently exchanges hands within the $1.40 range, a value up by 185% over three weeks. The altcoin garnered bullish momentum to trade at $1.62 over the weekend for the first time in three years.
The angel investor indicates that the path to a $100 price target would involve a 68-fold expansion, translating to 6,750% of the present level. The analyst observes that the ambitious target price of $100 would yield $5.7 trillion in market value while the fully diluted cap would hit $10 trillion.
Pantoja entertains the argument by ambitious analysts indicating that XRP will potentially exceed the $100 threshold in the current bull cycle. Several critics challenge this ambition by stating that the trillion-dollar cap is unfeasible for XRP at this stage.
XRP Parallels with Bitcoin’s Upward Trajectory
The XRP proponents recount the critics who cast scepticism about Bitcoin at its onset. Notably, the opponents indicated that Bitcoin could hardly match the $10,000 level. In contrast, the premier crypto asset seems destined to cross above $100K by end-year 2024.
The investor recalls that Bitcoin traded at a floor price of $0.04865 in July 2010. Today, analysts anticipate Bitcoin will realize $100K and beyond. Besides the speculation, Bitcoin has held its price within the $98K range, which corresponds to $1.95 trillion in market cap.
The Bitcoin rise inspires XRP enthusiasts to be convinced that the $100 price and beyond is feasible in future. Pantoja differs from other community commentators, indicating that the $100 price level is attainable in 2025. The analyst observes that though optimistic for the XRP uptrend, the $100 threshold will remain elusive for five years. He adds that tech takes time, asserting that the peak price for XRP in the current season is in the $8-$20 range.
Will XRP Rebound From the Recent Fall?
Contrary to the optimistic outlook offered by Pantoja, XRP is witnessing a pullback that market expert Michael XBT predicted. The analyst indicated that XRP would emerge a victim in a market-wide pullback before it rebounds to new heights.
MichaelXBT forecasted the XRP price slump would occur at the onset of ongoing retracement, though the altcoin will eventually regain and test new the 2021 highs. The market commentator observed in the Monday analysis that XRP had an ascending channel prevailing since mid-November. The analyst indicated the emergence of higher highs and lows in the channel, affirming that bulls are in control.
MichaelXBT insights reflect on the four-hour shows XRP hit the upper trendline when it surged to a season peak of $1.63 on Saturday, November 23. The floor ceiling presented resistance coinciding with the recent retracement observable in the broader market.
The XRP price slump saw the token price tumble to the $1.41 region, where MichaelXBT indicated a steeper decline was imminent. The analyst suggested a push to retrace the channel’s lower trendline. The retest will grant the bull’s strength to stage the decisive rebound.
The prediction by MichaelXBT materialized as XRP plunged nearly by 11%, leaving the price level aligned with the channel’s lower trendline.
Path to Possible XRP Rebound
MichaelXBT envisions the XRP embarking on a recovery campaign following its recent tumble. At press time, the altcoin is still 4.3% down to change hands at $1.38. It signals a modest recovery from the day’s low of $1.30. If the XRP follows the trajectory outlined by the market watcher, its price will blast the recent $1.63 resistance level. Per the analyst account, the XRP could retest the upper boundary that now sits at $1.7.
MichaelXBT adds that breaching the upper boundary would yield momentum for the bulls to blast beyond the 2021 peak of $1.96. The analyst echoes Peter Brandt’s view that XRP is bound to explode beyond this level.
A look into the daily chart shows XRP’s next Fibonacci resistance at 1.618, translating to $2.34, thereby above the 2021 peak. Nonetheless, XRP is changing hands at $1.38, translating to a $78.8 billion market cap for the altcoin.
The Supertrend is green at 1.105, hinting at a bullish trend. Similarly, the Relative Strength Index (RSI) stands at 85.47 to indicate robust market strength and suggest the overbought condition necessitating caution.