Is It Too Late To Buy XRP In This Bull Run? Analyst Lark Davis Shares Insights
In the latest research, prominent cryptocurrency analyst Lark Davis Youtube The video shares a complex view of XRP’s possibilities and answers the question of whether it’s too late to buy XRP in this bull run.
XRP Witnesses Massive Downtrend Breakout
Davis noted that despite legal challenges and competition, XRP has been a top 10 cryptocurrency since 2015 and continues to be widely used. However, he noted that an incredibly massive downtrend breakout is currently occurring.
“If this breakout finds support and gains some strength, the price of XRP could rise significantly,” he shared.
When considering XRP’s all-time highs, Davis pointed to its explosive rise to $3.20 during the 2017 bull run before underperforming in 2021, which he linked to the SEC’s long-standing case against Ripple. Although he expresses doubts about ridiculous price predictions such as $589, he believes that a price target of $6 to $7 for the next cycle is reasonable. The range suggests a 6x return is possible from current levels.
Key Indicators Affecting XRP
Important indicators including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are also considered in Davis’ analysis.
He noted that the Moving Average Convergence Divergence (MACD) has recently shown a bullish crossover and XRP’s RSI remains in overbought territory, which typically occurs during bull markets. These signals point to greater upward momentum, but a temporary correction is still possible.
Will Gensler’s resignation affect XRP?
Davis also said that the resignation of SEC Chairman Gary Gensler may also be a turning point for XRP, leading the new government to dismiss the lawsuit, which may also trigger an increase in XRP prices.
Davis also noted that the growing acceptance of stablecoins and the arrival of competitors such as Solana have undermined XRP’s once unique value proposition of low-cost, fast transactions. However, he also noted that Ripple’s continued partnerships with governments and banks, especially in establishing a CBDC, could reignite interest in the asset.
While he thinks the $6 to $7 range is reasonable, if he aimed higher, around $10 or $11, XRP would have to reach an unheard of market cap share.
Therefore, he stated that it is not too late to buy XRP and that during a bull cycle, XRP may outperform Bitcoin at a ratio of 2:1 or even 3:1. Davis also warned viewers to be realistic about XRP’s potential and asked them not to be seduced by people making crazy price predictions that XRP will hit $100, $20, or $50, which he claimed are highly unrealistic.
Big things coming to XRP?
Cryptocurrency investor Armando Pantoja recently postal Share that XRP whales accumulated 453.3 million XRP worth $526 million in a week as expectations of a price increase grew. Whales holding between 1 million and 10 million XRP have increased their reserves and now account for 18% of the circulating supply of XRP.
He noted that this marked the largest accumulation by whales in nearly 3 years and claimed that big things are coming for XRP.
