XRP Prices Have Skyrocketed, Is It Still Worth Chasing?
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Discussing the prospects of XRP has always been a hot debate in the crypto world. In his latest video entitled Is It Too Late to Buy XRP?, renowned analyst Lark Davis thoroughly examines the charts, market potential and various catalysts that might influence the price of XRP.According to Lark Davis, the XRP chart shows an interesting pattern after years of stagnation. He highlighted that XRP, which has been under heavy pressure since 2017, has just broken through a long-term downtrend.“This is the big breakout pattern that has been anticipated for years. If this pattern gains strength, the price of XRP could rise significantly,” said Lark Davis.
In his analysis, Davis noted that XRP showed a significant price increase of up to 136 percent in the last two weeks, with market capitalization surging to US$40 billion. He said that indicators such as MACD and RSI indicated strong bullish momentum.
He estimates that a price target of between US$6 to US$7 is more reasonable than the fantastic figures like US$589 that are often mentioned in the crypto community.
Current price XRP is around $1.0943
“This target is equivalent to a 6-fold increase from current prices. "That's quite fantastic," explained Davis.
However, he also noted that reaching that figure would require a market capitalization of around US$400 billion, which is within reasonable limits for a large altcoin like XRP.
Additionally, Davis explained that XRP's market cap is now much larger compared to its peak in 2017. With more coins in circulation, XRP needs a much larger market cap to reach new highs.
While Davis acknowledged that XRP's utility has been eroded by other blockchain innovations such as Solana and the USDC stablecoin, he highlighted Ripple's strategic partnerships with major banks and governments as a key factor.
