As a researcher with a background in financial markets and cryptocurrencies, I have closely followed the developments surrounding Ripple’s XRP token. Despite the recent market downturn and XRP’s price falling below $0.50, I believe there is reason to be optimistic about its future prospects.
TL;DR
- Despite the recent market downturn and XRP’s price falling below $0.50, analysts like Dark Defender predict it could still reach highs of over $5 if key support levels are maintained.
The outcome of the ongoing legal battle between Ripple and the SEC remains a critical factor for the asset’s future prospects, with recent court activities adding to the case’s complexity.
XRP Goals Remain Unchanged
Ripple’s XRP is among the severely-affected cryptocurrencies during the latest market correction, with its price tumbling by almost 10% weekly and dipping below the $0.50 mark for the first time since mid-April.
The popular analyst – Dark Defender – analyzed the asset’s recent performance, arguing that the chances of a new all-time high have not vaporized. The trader thinks XRP can still jump to a peak of $5.85 and later to a whopping $18.22 as long as it trades above the two major support levels – $0.46 and $0.39:
As a crypto investor, I believe that as long as certain conditions are met, our predicted Elliott Wave structure with targets at $5.85 and $18.22 remains valid. Any price movements within the range of $0.3917 to $0.6649 should be considered normal corrective actions.
Dark Defender also reiterated their forecast that the global cryptocurrency market capitalization could surpass $23 trillion by January 2025. XRP currently accounts for less than 1.2% of that share, meaning its price could rise to approximately $2.80 if the market cap explodes to that ridiculous level.
The analyst holds a strong belief that significant advancements are ahead for XRP, anticipating that many cryptocurrencies with little value will disappear in the process, thereby creating more opportunities for XRP to thrive.
A user of X, similar to EGRAG CRYPTO, expresses the view that Ripple’s native token, XRP, has not yet witnessed a significant bull market surge. The analyst provided a chart indicating that XRP’s recent weekly candles have not dipped beneath a particular resistance area.
“Surprisingly, the weekly candle bodies have yet to drop beneath the moving average line, signaling a strong bullish trend for XRP. Hang tight, XRP supporters! The XRP bulls are demonstrating impressive resilience and power in this market struggle.”
Awaiting for News on the Ripple v SEC Front
Perhaps the most important factor that may trigger an XRP rally is a positive outcome for Ripple in its legal battle against the US SEC. The trial between the two entities started a week ago, with some viewing the agency as the underdog due to the three partial court losses it suffered last year.
Instead of reaching a resolution, the situation continues to present fresh challenges. Most recently, the SEC filed its counterargument against Ripple’s request to exclude new expert evidence. The regulatory body insists that the testimony from a crucial witness should be considered, while Ripple previously argued that this declaration constituted an unsolicited expert opinion.
For those interested in deepening their knowledge about the ongoing lawsuit and its possible implications for XRP‘s value, we invite you to watch our insightful video on the topic.
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- REF PREDICTION. REF cryptocurrency
- PROM PREDICTION. PROM cryptocurrency
- ETC PREDICTION. ETC cryptocurrency
- CEL PREDICTION. CEL cryptocurrency
- VR PREDICTION. VR cryptocurrency
- ISP PREDICTION. ISP cryptocurrency
2024-04-30 22:54