- Reputed crypto analysts discuss the unchanged bullish potential of altcoins.
- He then highlights Ripple’s XRP as one of the most bullish altcoins at the moment.
- Analysts believe $5.5 to be XRP’s next major bull target, followed by $9.
Expectations for the altseason peak phase to play out despite the $20 billion crypto market liquidation event continue to remain strong. Reputed crypto analysts are coming together to look deep into price charts and determine which altcoins are showing promising signs for a pump. Presently, reputed crypt analysts discuss the unchanged bullish potential of Ripple’s XRP despite the market purge.
Reputed Crypto Analysts Discuss the Unchanged Bullish Potential of XRP
Last week, the crypto market experienced its greatest market liquidation event in crypto history. Nearly $20 billion in liquidity was wiped out from the crypto market alone. With this one move, almost all leverage and long positions were completely wiped out, with $3 billion in short positions also wiped out. During this time, the price of BTC fell from $121,000 to $104,000 in one hour.
This sudden, swift and ferocious wipeout led analysts to believe that the purge was a textbook market manipulation move. After all, many believe that a drop with such intensity was a planned move to wipeout liquidity from the market and reset the entire platform for a healthier pump ahead. Others believe that BTC has topped already and expect the crypto market to turn fully bearish soon.
In contrast, some believe BTC has one more major pump left and expect BTC Dominance to fall immediately after, finally opening a path for the long-awaited altseason phase to begin. Now, analysts are keeping an open eye on all altcoin price charts to determine which altcoin will surge first and how high these altcoins can run. Lark Davis stated that ETH bull structure is clear and expects new ATH for ETH at the $7,000 price range and above.
Despite the Market Purge Altseason Could Arrive
For months now, analysts have made it clear that altseason cannot arrive unless the price of ETH goes on to set new ATH prices first. So far, ETH has only set 1 new ATH this bull cycle and needs to enter price discovery once again to ensure that a bullish ETH price pump can commence and trigger the bull cycle’s altseason peak phase. One of the most bullish altcoins in the market at the moment is Ripple’s XRP.
As we can see from the post above, this reputed crypto analyst shares the XRP price chart and explains how XRP got the move down into a support level for the expanded flat, meaning $5.5 remains as its expected first bull target. A response to the post indicates that analysts expect the price of BTC to surge to much higher ATH targets, starting from $9 and reaching $25 and $30 in the peak price pump phase.
