Crypto analyst Ben Armstrong posits that the current market position represents possibly the last opportunity to acquire XRP at a bargain before an anticipated significant price increase. The digital asset, which has recently seen more than an 8% decline, trading at $0.6017, could ascend to $1, or even retest the $2 mark, as per Armstrong’s forecast, coinciding with the nearing Bitcoin halving event.
Potential XRP Rally on the Horizon
Amid its current slump, Armstrong advocates for the potential growth of XRP, suggesting that once it overcomes the $0.70 resistance, the climb to a dollar and possibly higher is imminent. Armstrong conveyed his insights through a video, examining several cryptocurrencies that might experience a significant bull market surge.
Armstrong’s XRP Price Trajectories
Armstrong lays out three scenarios for XRP’s progress. He believes that the most optimistic forecast could see XRP hitting its highest peak of $3.84 before Bitcoin’s halving in April, although he tempers this prediction with moderate certainty. Alternatively, a less ambitious but still positive scenario would have XRP touching the $2 point prior to the halving, with a more conservative goal being the $1 benchmark, which would entail a substantial 66.1% increase from its current valuation.
Broader Crypto Market Faces Uncertain Times
Additionally, Armstrong offers a sobering outlook for the wider cryptocurrency market as it approaches the halving. He anticipates a possible downturn in the weeks leading up to the event, with the upbeat trend potentially fizzling out as the first quarter concludes. Despite this, he forecasts a rebound with considerable gains before the current bull market cycle comes to an end next year.