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- Ben Armstrong believes that XRP will skyrocket to $7, marking a 1,029% gain.
- The foundation of the $7 XRP forecast rests on outlooks of XRP ETF and Ripple IPO.
- In contrast, he argued that Solana (SOL) will hit $1,000 in 2024.
In a recent YouTube analysis, a popular crypto influencer Ben Armstrong shared his bullish predictions for XRP and Solana, forecasting significant price surges for the new year. Armstrong believes that XRP will skyrocket to $7 soon, while Solana (SOL) will hit $1,000 this year.
Armstrong emphasized that the predicted values for XRP and SOL are not the peak for either cryptocurrency, noting they could outperform the forecasted numbers. Moreover, in an attempt to clarify the foundation of the $7 and $1k outlooks for the two assets, he drew attention to the relatively close multiplier factors.
In particular, Armstrong pointed out that with XRP currently priced at around $0.61, its journey to $7 represents an approximately 11x to 12x increase. This is specifically a 1,029% growth rate from the present market value. Similarly, the analyst noted that Solana’s trajectory to $1,000 from its $101 necessitates a comparable ten times price growth.
However, Armstrong pointed out a crucial distinction between XRP and Solana in the ongoing bull run. He argued that Solana has experienced a substantial surge, attaining price points Armstrong described as “massively overinflated numbers.”
On the other hand, he envisions XRP’s ascent to be more gradual, with the peak expected to coincide with Ripple’s initial public offering (IPO). He believes the real fireworks for XRP will occur when the Ripple IPO is launched.
Besides, the analyst painted the outlook of XRP in a scenario when an Ethereum ETF goes live. While noting the likelihood of XRP profits being moved into the Ethereum market, Armstrong noted that the search for the next promising crypto to receive an ETF would ensue.
XRP is the only altcoin in the United States with regulatory clarity, making an outlook for an ETF conceivable. Armstrong believes an XRP ETF announcement will begin XRP’s long-awaited surge, potentially concluding the bull run on a high note.
The post Top Analyst Says XRP to $7, Solana to $1,000 in 2024: Here’s Why appeared first on Coin Edition.