XRP Analysis: A Bullish Outlook on Price Potential and Market Developments
Dark Defender's Insight on XRP's Price Trajectory
Renowned crypto analyst Dark Defender has recently shared an optimistic analysis of XRP, indicating that the digital asset is poised to enter a significant phase in its long-term price structure. According to Dark Defender, XRP has completed Waves 1 and 2 over a span of seven years and is now entering what the analyst terms as Grand Wave 3. This phase has historically been associated with substantial price gains, with potential Fibonacci-driven rallies projected to reach $1.88, $5.85, and even $18.23. Dark Defender's analysis builds on established patterns, including an ascending channel and an Elliott Wave structure that have guided XRP's past price movements.
XRP's Legal Victory and Market Impact
Following a legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple's XRP experienced a notable surge of 16.5%, reaching $3.45. The resolution saw both Ripple and the SEC drop their appeals, confirming that XRP is not considered a security for retail sales. However, institutional sales were found to have violated securities laws. Ripple agreed to a reduced $50 million fine, significantly boosting investor sentiment. The increased trading volume, coupled with positive technical indicators and the potential approval of an XRP ETF, indicated a bullish trend. Meanwhile, the market uncertainty surrounding Ripple's unlocking of $3.28 billion in XRP raised concerns among investors.
XRP's Path to $11 Target and Market Developments
XRP's recent breakout from a symmetrical triangle pattern has caught the attention of analysts like Ali Martinez, who foresee a potential target of $11. The breakout from the bullish flag pattern on the weekly chart suggests a positive upward trajectory, with key resistance levels at $5 and $11. However, maintaining control above $2.60 is crucial for further gains, while a retest could lead to a decline to lower levels. Despite recent market uncertainties and legal developments, including Ripple's legal victory and institutional interest in a U.S. XRP ETF, XRP continues to trade at $3.27, aiming to reclaim $4 resistance and facing immediate support and resistance levels at $3 and $3.50, respectively.