Ripple (XRP) Bull Run Still Possible But Under This Condition: Analyst
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 long as these are maintained our 5 Elliott Wave structure targeting $5.85 & $18.22 remains the same. And any further moves between $0.3917 to $0.6649 are side moves and are normal.”
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.
However, the analyst expects much more substantial gains, predicting that “most of the useless crypto assets will be vaporized” along the way, giving XRP extra room for growth.
Another X user who thinks Ripple’s native token is yet to experience a major bull run is EGRAG CRYPTO. The analyst presented a chart, which shows that XRP’s latest weekly candles have not dropped below a certain resistance zone.
“Remarkably, not even the body of the weekly candles is closing below the arc, which is incredibly bullish! XRP Army, STAY STEADY! The XRP bulls are showing remarkable resilience, strength, and power in this battle,” they concluded.
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 a resolution, though, the case keeps offering additional confrontation. Most recently, the SEC filed its opposition to Ripple’s motion to strike new expert materials. The agency claims that the testimony from a key witness should be taken into account, while the company previously maintained that the declaration represents an unsolicited expert opinion.
If you’re willing to learn more about the lawsuit and its potential impact on XRP’s value, please check our dedicated video below:
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