Following a positive ruling in the Securities and Exchange Commission (SEC) case for Ripple, the parent company of XRP, there is an expectation that the development could trigger a rise in the token’s valuation.
In the lengthy legal battle, a judge ordered Ripple to pay a civil penalty of $125 million. However, there are signs that XRP will no longer be classified as a security following the ruling.
Analyst’s XRP price prediction
In this context, analysts have identified several chart patterns that indicate a possible upside trend for XRP. For example, crypto analyst Dark Defender suggested in an X-Post on August 9 that XRP was approaching an explosive breakout, stating, “XRP’s run is so close.”
One of the most notable features of the analysis is the completion of a long-term descending channel. This technical pattern is usually seen as a sign that a bearish trend may be coming to an end, making the recent breakout from this channel a critical moment for XRP.
As traders monitor the market, their attention is particularly focused on the 100% Fibonacci retracement level at $0.9327, which is considered a critical resistance point. If XRP successfully breaks this level, it could lead to further upside momentum.
The expert also highlighted the “Explosive Run Zone” where XRP could see a rapid price appreciation. If XRP overcomes the $0.9327 resistance, the next key target is the 161.80% Fibonacci extension level at around $1.88.
If this area is reached, it is expected to act as a psychological and technical resistance. On the downside, important support levels are found at the 70.20% Fibonacci level at $0.6649 and the 23.60% level at $0.3917. These levels are crucial for traders in case of a pullback.
It is worth mentioning that Dark Defender previously provided a roadmap for XRP’s rally from its current valuation to an all-time high of around $36.
Another target for XRP investors is currently the resistance at $1. Market commentators believe that a breakout of this level will likely end the token’s long-standing consolidation.
XRP Price Analysis
At press time, XRP was down 6% over the past 24 hours, trading at $0.57. However, on the weekly chart, the token remains in the green after gaining over 3%.
Meanwhile, amid the current correction, XRP investors are hoping that the overall market sentiment will push the token to aim for new highs, with $0.65 being the next possible target.
Disclaimer: The content on this website does not constitute investment advice. Investments are speculative. When you invest, your capital is at risk.
