Ripple, the company behind XRP, has scored another legal victory in its long-standing battle with the Securities and Exchange Commission (SEC). This development has sparked speculation of a potential surge in XRP’s price. The nearly 3.5-year legal saga saw one of the judges ruling that Ripple must pay a $125 million civil penalty. However, the ruling also notably concludes that XRP will not be classified as a security.
What Will Be the Price of XRP?
XRP is currently experiencing significant developments, with analysts citing various chart patterns that suggest a possible price increase. Dark Defender, known for his bullish stance on XRP, recently mentioned that XRP is nearing a major price movement. He indicated in an August 9th post that XRP is close to an “explosive” rise.
A key point in the analysis is the nearing end of a long-term descending channel. This technical pattern often signals the conclusion of a downtrend, making a breakout from the channel’s upper boundary crucial for XRP.
XRP Price Outlook
Investors are closely watching the 0.9327 dollar mark, identified as a critical resistance level and the 100% Fibonacci retracement level. If XRP can break through this barrier, it could pave the way for a larger upward trend.
Dark Defender also highlighted that surpassing the 0.9327 dollar resistance could push XRP towards the next significant target at 1.88 dollars, which is the 161.80% Fibonacci extension level. This target could serve as both a psychological and technical milestone. Meanwhile, the 0.6649 dollar level holds as a resistance point at the 70.20% Fibonacci level, and the 0.3917 dollar level stands as vital support at the 23.60% Fibonacci level.
Key Insights for Investors
Investors could derive the following takeaways based on current analyses and market conditions:
- XRP is approaching the end of a long-term descending channel, signaling a potential uptrend.
- Critical resistance level at 0.9327 dollars could determine the next price surge.
- Breaking the 0.9327 dollar mark could propel XRP towards 1.88 dollars.
- Support levels to watch include 0.6649 dollars (70.20% Fibonacci) and 0.3917 dollars (23.60% Fibonacci).
Yesterday, XRP saw a rise above 0.60 dollars but has since pulled back. Over the past 24 hours, XRP has decreased by 4.66%, currently trading at 0.58 dollars. A weekly review, however, shows a rise of over 3%, maintaining a positive trend against the market correction. Investors are now eyeing 0.65 dollars as the next possible target.