Crypto & Blockchain News

XRP Price Predicted To Rise As Analysts Anticipate A Breakout


In a recent development, a leading cryptocurrency analyst has shared his bold prediction regarding the price of XRP, the native token of the XRP Ledger. The analyst known as Dark Defender has conducted a thorough analysis showing that XRP could experience a significant spike in the near future. With an estimated target price of $3.82 by the end of the year, this projection represents an impressive 880% increase in value.

Seizing the Opportunity: Defender of Darkness Insights:

Dark Defender, a cryptocurrency analyst with a pseudonym, took to Twitter to express their belief in the impending run for XRP. Drawing attention to the current lull in XRP activity, Dark Defender considers it a potential precursor to a significant price move. To support their predictions, the analysts carried out a detailed examination of the XRP weekly chart, paying close attention to historical patterns. Based on their interpretation, the breakout is expected after a 13-week bar period, leading to the end of August. However, Dark Defender also acknowledged the possibility of a breakout in the previous week.

Key Resistance and Price Targets:

Dark Defender envisions XRP overcoming a key line of resistance after its anticipated break. This development will set the stage for an initial price target of $1.33. Notably, analysts suggest that XRP’s journey continues out there and that the follow-through target is a larger value of $3.82.

Potential Synergies with Ripple’s Legal Battles:

Interestingly, the projected timeline for the XRP surge aligns with Ripple CEO Brad Garlinghouse’s expectations regarding the settlement of the company’s legal dispute with the US Securities and Exchange Commission (SEC). The legal battle began in December 2020 when the SEC filed a lawsuit against Ripple, alleging a $1.3 billion sale through an “unregistered offering of sustainable digital asset securities.” Although Garlinghouse expressed dissatisfaction with the extension of the legal battle, he remains hopeful a judge will rule in the next two to six months. He anticipates having some clarity before the end of Q3.

As the XRP community eagerly awaits a potential breakout, Dark Defender’s analysis offers an optimistic outlook for the cryptocurrency. With an expected surge to $3.82 by the end of the year, representing an increase of 880%, XRP investors and enthusiasts have reason to be excited. Additionally, the potential alignment of the breakout timeline with the conclusion of the Ripple legal battle adds an element of interest to this prediction. As the market evolves and the legal landscape clarifies, XRP’s future trajectory promises to be an eventful journey for investors and the entire cryptocurrency industry.


Source link

Related Articles

Back to top button