The post Is It Too Late To Buy XRP In This Bull Run? Analyst Lark Davis Shares Insights appeared first on Coinpedia Fintech News
A renowned crypto analyst Lark Davis in a latest youtube video has shared the complex view of XRP’s possibilities and has answered if the question of whether it is too late to buy XRP in this bull run.
XRP Witnessing Massive Downtrend Break
Davis noted that despite legal challenges and competition, XRP has been a top 10 crypto since 2015 and continues to be very much in use. However, he noted that there is a massive incredible downtrend break happening right now.
“if this breakout finds its legs and gains some strength then the price of XRP is probably going to be marked up significantly,” he shared.
When considering XRP’s historical highs, Davis notes its explosive rise to $3.20 during the 2017 bull market and then a poor performance in 2021, which he connects to the long-standing SEC case against Ripple. Although he doubts absurd price projections such as $589, he finds a $6 to $7 price target reasonable in the next cycle. This range shows a possible 6x return from current levels.
Key Indicators Impacting XRP
Important markers including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are also looked at in Davis’s analysis.
He notes that the Moving Average Convergence Divergence (MACD) lately demonstrated a bullish cross and that XRP’s RSI stays in the overbought zone, which usually occurs during bull markets. These signals suggest more upward momentum, although temporary corrections are still possible.
Gensler’s Resignation To Impact XRP?
Davis also shared that the resignation of SEC Chair Gary Gensler could also prove to be a turning point for XRP, causing the lawsuit dismissed under the new administration, which could also trigger the XRP price.
Davis also noted that the rising acceptance of stablecoins and the arrival of rivals like Solana have undermined XRP’s once-unique low-cost, quick transaction value proposition. However, he also noted that Ripple’s continuous partnerships with governments and banks—especially about building CBDCs may reignite interest in the asset.
Although he believes the $6 to $7 range is reasonable, XRP would have to achieve an unheard-of market cap share if he aimed higher, around $10 or $11.
Hence he shared that it is not too late to buy XRP and it will probably perform Stronger versus Bitcoin during the bull market cycle by 2:1 or even 3:1 ratio according to him. Davis also warned the viewers to remain realistic about XRP’s potential and asked them not to get seduced by people bringing out insane price predictions that it’s going to go to $100, $20 or $50, which he claims to be wildly unrealistic.
Something Big Coming Up For XRP?
Armando Pantoja, a crypto investor, in a recent X post shared that XRP whales stacked 453.3 million XRP, valued at $526 million, in a week amid growing price uptick expectations. Whales holding between 1 million and 10 million XRP added the substantial amount to their stash and now command 18% of XRP’s circulating supply.
He noted that this marks the most accumulation by whales in almost 3 years and claims that something big is coming up for XRP.
