In a recent video, renowned crypto analyst Lark Davis shared his views on XRP and answered the question of whether it is too late to buy this cryptocurrency in the current bull run.
XRP: Breaking the Downtrend
Davis noted that despite legal challenges and competition, XRP has remained a top 10 cryptocurrency since 2015. Currently, a significant break in the downtrend is underway. "If this breakout finds its legs and gains some strength, then the price of XRP is probably going to be marked up significantly," he highlighted. Recalling XRP's historical highs, Davis correlates its explosive performance during bull markets with the longstanding SEC case against Ripple. Although he doubts absurd price projections, he finds a $6 to $7 range reasonable in the next cycle.
Key Indicators Impacting XRP
Analyzing key indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), Davis pointed out the recent bullish cross in MACD and noted that XRP's RSI remains in the overbought zone. These signals suggest possible continued momentum, albeit with potential short-term corrections.
Gensler's Resignation and XRP's Fate
Davis also shared that the resignation of SEC Chair Gary Gensler could be a turning point for XRP, potentially leading to the lawsuit's dismissal, which could impact the XRP price. He noted the rise of stablecoins and rivals like Solana have undermined XRP's unique low-cost transactional value. However, Ripple's partnerships with governments and banks, especially regarding CBDC development, may reignite interest in the asset.
Lark Davis believes it's not too late to invest in XRP, with the cryptocurrency potentially outperforming Bitcoin in the bull market by a 2:1 or 3:1 ratio. However, he warns against unrealistic expectations of XRP skyrocketing to $100 and beyond.