300% pump of XRP is unstoppable, according to analyst Ben Armstrong
Top analyst Ben Armstrong from Bitboy Crypto says that as XRP is showing signs of fundamental growth, the whole crypto analysts and traders are very bullish on XRP.
According to the crypto KOL, some mainstream news outlets are already calling for a 300% pump in the coming weeks as XRP is having big price catalysts on the market.
Ripple defense fund
Ripple has gotten some major help from Lithosphere, a fellow proof-of-stake project in the cryptoverse that launched its IDO this week. This Seattle-based company donated a whopping $5 million to the Ripple defense fund to help in their fight against the SEC. The creators of Lithosphere, KaJ labs, stated in a press release:
“Ripple Labs created a network that provided fast, low-cost value transfer in the form of XRP cryptocurrency. The XRP cryptocurrency paved the way for innovations such as Lithosphere.”
Ripple vs SEC
Yet, Armstrong points out that the SEC case against XRP was back in the news cycle. In particular, the SEC surprised everyone and demanded that Ripple handed over terabytes worth of Slack messages to the SEC. The SEC stated the relatively few Slack documents Ripple has produced so far demonstrate that the missing documents are necessary for the SEC to build a complete and accurate record for summary judgment and trial.
“At this point, it’s pretty obvious that the SEC is desperate for anything that can put them ahead of Ripple. Asking for giant piles of sensitive and private communications from nearly everyone at Ripple is not just an overreach, but not a good precedent for future crypto litigation,” Armstrong says.
Ripple had a surprise tweet the other day when it announced a new partnership with South Korean remittance firm Global Money Express. The partnership through SBI Ripple Asia will facilitate remittances between the world’s 10th largest economy, South Korea, and the explosive economic growth seen in Thailand.
“The APAC region has seen fantastic growth this year, with XRP transactions growing more than 130% year-over-year. And it’s not just the low-cost transactions. It’s the speed that has really made XRP the go-to solution for remittances. That’s always been the main driver of technology being adopted,”
According to the crypto KOL, the white-hot NFT market is about to have an XRP army descend on it as soon as Ripple’s CTO David Schwartz talked about XRP Ledger’s ability to make the NFT marketplace far more scalable than it is now.
“NFTs have been the biggest driver of gas fees on Ethereum over the past few weeks. They show no signs of slowing down. But while everyone wants an NFT or 10 of their own, they don’t like paying the gas fees for the privilege. That’s where David Schwartz thinks XRPL can make a big difference,”
Potential 300% Rally
As Armstrong says, high-profile analyst Akash Girimath at FXStreet predicts XRP to rally 300% this bull cycle.
He recalls that Bitcoin rebooted its bull cycle and started in mid-July and has continued up into the right movement ever since. In fact, BTC price has rallied over 59% since it broke the 200-day SMA. The movement is steady and consistent with leg-ups followed by healthy retracements and consolidations. And importantly, all of this Bitcoin movement has sent XRP into mega bullish territory. The price of XRP has climbed by 63% over the same time period as Bitcoin’s run-up.
Moreover, the crypto KOL points out that the whales have been buying XRP in chunks. This week, XRP buying volume hit its highest point since late May.