TLDR
- XRP’s price recently surged 20% following a favorable court ruling in the Ripple vs SEC case.
- Some analysts predict XRP could reach high price targets like $36.76 based on technical analysis.
- XRP is forming a bullish triangle pattern on its monthly chart, suggesting a potential breakout.
- The resolution of Ripple’s legal battle with the SEC is seen as a major factor that could drive XRP’s price higher.
XRP, the cryptocurrency associated with Ripple, is generating excitement in the crypto market as analysts predict a possible major price breakout.
Following a recent 20% surge after a favorable court ruling in Ripple’s ongoing legal battle with the SEC, XRP’s price action has caught the attention of investors and market watchers alike.
Several technical indicators are fueling optimism about XRP’s near-term prospects. Crypto trader and market analyst Dark Defender has made a bold prediction based on Elliott Wave Theory, suggesting XRP could eventually reach a peak of $36.76. This forecast outlines key price targets at $1.88, $5.85, and $18.22 along the way.
Hi all. Let me update the monthly time frame on #XRP.
1. I shared the timeline below almost a year ago, before the $0.93 run (we targeted it at $0.89 when XRP was around 28 cents).
2. Then, we discussed the possibility of touching $0.3917 and called it the last frontier.
3.… pic.twitter.com/dF2GpMTA79
— Dark Defender (@DefendDark) August 8, 2024
Adding to the bullish sentiment, XRP’s monthly chart is showing signs of a triangle pattern formation. This technical setup, characterized by converging trendlines within an uptrend, often precedes significant price movements. If XRP breaks above the upper trendline, it could trigger a substantial rally.
The recent price surge came on the heels of a court ruling that significantly reduced the penalty Ripple faces in its case against the SEC. Judge Analisa Torres ruled that Ripple must pay a $125 million fine for certain securities law violations, a 94% reduction from the SEC’s initial demand of around $2 billion.
Many in the crypto industry, including Ripple CEO Brad Garlinghouse, viewed this as a victory for the company.
Grzegorz Drozdz, a market analyst at Conotoxia, notes that the partial resolution of the SEC dispute could spur growth for XRP in the near future.
“The recent developments are certainly encouraging,” Drozdz says, while cautioning that the dispute is not yet fully resolved.
XRP’s price history has been marked by periods of explosive growth followed by steep declines. In 2017, the cryptocurrency saw a staggering 1820% increase, reaching an all-time high of $3.84.
More recently, in 2021, XRP surged 710% within six months. These historical precedents suggest the potential for significant price movements when market conditions align.
The ongoing legal battle with the SEC has been a major factor influencing XRP’s performance. A final favorable resolution could potentially remove a significant barrier to institutional adoption and unleash new growth for the cryptocurrency.
As of August 13, 2024, XRP is trading at $0.57771, with a market capitalization of $32.30 billion. While the cryptocurrency has experienced a slight decline since the start of the year, many investors remain bullish on its long-term prospects.
