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.