XRP investors have endured a rocky road recently, with the token languishing around $0.50 and a hack of Ripple creator Chris Larsen making headlines. However, according to crypto analyst BarriC, brighter days may lie ahead.
In a X (Twitter) thread, BarriC laid out a bullish case for the beleaguered asset. “The most important $XRP post you’ll read today,” he began. “The new narrative is – $XRP is dead and what if it doesn’t go anywhere price wise in the next five years.”
BarriC dismissed this line of thinking as misguided. “Every #Bitcoin halving we have had since 2016 has resulted in a massive full market bull run where 90% of all cryptocurrencies experience new ATHS and explosive price action,” he tweeted.
The next BTC halving is scheduled for early 2024. “This halving isn’t an optional thing, it’s written into Bitcoins code, and eventually there will be no more halving rewards, therefore we have a finite amount of Bitcoin,” BarriC explained.
He believes the launch of Bitcoin ETFs could accelerate this supply shock. “Now combine that with the #BitcoinETFs and we could see that $BTC supply become scarcer a lot faster,” the analyst noted.
So how does this connect to XRP’s prospects? According to BarriC, history shows crypto bull markets lift all boats. “After every halving we see new ATHs for crypto,” he reasoned, pointing to XRP’s meteoric rise from $0.01 to $3.80 in the 2017 frenzy.
Even after the 2018 bear market, XRP managed to settle around $0.20, massively above its previous baseline. The same dynamic played out across crypto, with the likes of BTC, ETH and LINK posting huge rallies after 2020’s halving. XRP seemed poised to follow before the SEC’s lawsuit slammed on the brakes.
With the next halving approaching, BarriC believes a similar broad-based rally could play out. “To say that this halving won’t happen is more egregious than a $1M per #XRP price prediction. And to say that $XRP won’t see any price movement during this post halving bullrun is a lie,” he argued.
In short, the analyst believes ongoing FUD ignores crypto market fundamentals. As long as adoption continues apace, it’s only a matter of time before the tide turns in XRP’s favor.
The positive outlook comes as XRP holders grapple with recent difficulties. The token has struggled to gain upside momentum despite progress on Ripple’s legal battle. Meanwhile, hackers stole an estimated $100 million from Ripple co-founder Chris Larsen’s accounts earlier this week.
While discouraging in the short-term, BarriC contends market cycles and strengthening fundamentals should ultimately overwhelm the noise. For investors willing to weather XRP’s storms, he believes the reward may prove worth the risk in the not-too-distant future.
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