- Long-time trader Lark Davis sheds light on bullish indicators on Ripple’s XRP price chart.
- Presently, the price of XRP is nearing a highly bullish signal that bulls should defend.
- Upon maintaining this region, a bullish breakout is likely, according to Davis.
With Ethereum steadily working its way up to the $4,000 and its previous ATH price range at $4,800, expectations for other altcoins to reclaim higher prices grow stronger as well. So far, several reputed crypto analysts have been drawing attention to promising altcoins to flourish in the coming altseason phase. To highlight, long-time trader Lark Davis draws attention to bullish indicators on Ripple’s XRP price chart.
Long-Term Trader Lark Davis Talks XRP
Presently, the price of Ethereum (ETH) is trading in the $3,600 price range, falling slightly from its latest $3,800 trend high, caused by a $107 million liquidation in the crypto market led by Galaxy Digital selling off its Bitcoin holdings for profit. This came as a shock for several long-position traders who were hoping to see BTC trade over the $120,000 price again and send ETH to prices above $4,000.
In detail, this bull cycle’s altseason and peak phase have been a long wait, and traders and analysts are getting more eager to welcome the altseason pump soon. Specifically, this cycle’s altseason was delayed significantly due to the price of BTC pumping early and setting a new ATH price before the Bitcoin Halving event. The early pump then led to a prolonged corrections phase, which finally set up a healthier market for altcoins to thrive.
Altcoin XRP Could Hit a Significant Price Pump Soon
Since then, the price of ETH has been pumping steadily, leading to a significant rise in altcoin prices as well. So far, several altcoins have pumped between 30% and 70% in the last month alone, drawing the attention of reputed traders and analysts hoping to secure the most bullish altcoins in the market before the altseason peak phase arrives. To highlight, altcoin XRP seems to be one of the most bullish altcoins in the market at present.
In fact, the altcoin has been building so much hype that even reputed crypto analysts are paying it attention now. Specifically, the long-time trader and community leader, Lark Davis, marks XRP as an asset coming in hot with the first 20-day EMA retest since the major breakout of the triangle. The chart in the post explains his observation in detail. Indeed, XRP is one of the most bullish altcoins this bull cycle.
Davis goes on to state that if one missed the initial move, this is an interesting spot to go long for XRP, as it offers a decent risk-reward scenario with an easy invalidation point. He concludes his post by stating that XRP bulls need to defend this line thoroughly in order to welcome higher ATH prices for XRP. The altcoin missed the last bull cycle, meaning exceptional expectations are placed on the altcoin.
