Amid the victory scored by Ripple in the longstanding SEC lawsuit, a renowned analyst predicts an imminent 538% surge for XRP while cautioning investors about a potential price drop.
XRP, the digital asset associated with Ripple, is poised for a sustained breakout in the coming weeks, according to renowned market analyst Dark Defender.
With an ambitious price target of $3, the projected surge would represent a staggering 538% increase from the current trading levels.
Dark Defender’s analysis, based on the well-known Elliott Waves theory and XRP’s historical pattern, indicates a consistent weekly pattern that hints at the imminent price surge. This pattern aligns with previous predictions by the analyst and reinforces the likelihood of a bullish breakout in the near term.
While the Elliott Waves theory suggests that market trends follow a wave-like pattern consisting of five upward and three downward waves, Dark Defender’s analysis specifically targets the $3 price level. The expected wave is projected to commence in approximately five to six weeks, following XRP’s recent breakthrough of a prolonged downtrend.
Building on previous analysis, Defender’s previous assessment indicated a structure leading towards $3.39. He also identified August as a potential breakout month based on historical patterns.
Despite the optimism, Dark Defender warns of potential consequences if XRP fails to defend the $0.46 territory, suggesting that XRP could plummet to $0.39 in the coming days if the support at $0.46 fails.
The top analyst’s latest project holds more water following the favorable ruling in the SEC lawsuit. As reported, the presiding judge Analisa Torres ruled that secondary sales if XRP do not constitute a security. However, Judge Torres also concluded that institutional sales of XRP constituted an unregistered security offering.
While the case is expected to go to trial, XRP becomes the first crypto to gain regulatory clarity in the United States. Accordingly, investor interest in XRP peaked today, causing a spike in the asset by over 30% within two hours.
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