How High Can XRP Price Go After The Ripple Victory?
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More than four years later, the SEC suspended proceedings against Ripple in XRP lawsuits. CEO Brad Garlinghouse announces on Xillustrate “It’s it – when we’ve been waiting for that moment. The SEC will give up its appeal – for Ripple, Crypto, you see its huge victory.
Although attorney Jeremy Hogan noted that Ripple can still take a range of actions, the consensus among market participants is that this development has given Ripple a huge victory. Hogan noted that it is not clear whether Ripple agreed to waive the appeal. he additional There are 4 possibilities:
one. Ripple continues to appeal, and we decide from the Court of Appeal on whether the investment contract requires a contract or other decision.
b. Ripple agreed to waive his appeal and return to the trial court, and both parties attempted to amend the judgment.
c. Ripple agreed to waive its appeal and the parties reached an agreement between them without modifying the judgment.
d. Ripple paid just $125 million and kept moving forward.
How high can XRP go?
Against this background, crypto analyst Dark Defender (@defenddark) has shared Daily updated XRP/USD charts. According to it, XRP extended a downtrend line in the weeks following the announcement.
Related Readings
The breakthrough near the $2.47 area has been hovered in green and marked as a “clear breakthrough” by the Dark Defender, indicating that market participants are no longer limited by the decline trajectory of many previous price action.
The chart also outlines the exact alignment of the Elliott Wave count with the Fibonacci regression and extension levels. This figure illustrates a complete correction phase and early development of new impulse wave structures, Decisive breakthrough From the long-term downward trend line.
According to the analysis, Wave (1) started at a local low of $1.79 and peaked at $2.55, marking the first bullish urge. Next is Wave (2), and later back to the Fibonacci support zone.
This answer respects the 61.80% level at a price of $2.3073 and approaches the 70.20% level at a price of $2.2249, indicating that there is a technical correction wave within the Elliott framework. These levels provide a solid foundation for the basis Suitable for buyersprevent further disadvantages and emit potential completion of waves (2).
Related Readings
Following the correction phase, the chart casts the beginning of waves (3), traditionally the strongest in Elliott Wave’s theory. The Fibonacci extension level is plotted to define the possible targets of this wave. 161.80% expansion is $3.94, which is the key target area for waves (3). Additionally, the 261.80% expansion close to $3.78 further supports the region, which is a potential area where bullish momentum may face resistance or temporary mergers.
However, Dark Defender predicts that XRP may rise to the $4.50 region. After the wave (3) is completed, the chart proposes a corrective wave (4) that is expected to respect the broader uptrend and drop to the $3.78 to $3.94 region.
Subsequently, the final impulse (5) is expected to expand to 361.80% Fibonacci level at a price of $4.9274. This marks the high potential of analysts in the current Elliott wave cycle, Possibility of a surge of more than $6the wave structure can reach its vertex.
At press time, XRP traded at $2.55.
Featured Images created with dall.e, Charts for TradingView.com
