In a recent development, a prominent cryptocurrency analyst has shared a 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 indicating that XRP could experience a significant surge in the near future. With an estimated target price of $3.82 by the end of the year, this projection suggests an impressive 880% rise in value.
Seizing the Opportunity: Dark Defender’s Insight:
Dark Defender, a pseudonymous cryptocurrency analyst, took to Twitter to express their belief in an impending breakout for XRP. Drawing attention to the current lull in XRP activity, Dark Defender considers it a potential precursor to a significant price movement. To support their prediction, the analyst conducted a detailed examination of XRP’s weekly chart, paying close attention to historical patterns. Based on their interpretation, a breakout is expected to occur after a 13-week bar period, which points to the later part of August. However, Dark Defender also acknowledges the possibility of the breakout happening any preceding week.
Key Resistance and Price Targets:
Dark Defender envisions XRP overcoming a pivotal resistance line following the anticipated breakout. This development would set the stage for an initial target price of $1.33. Notably, the analyst suggests that XRP’s journey continues beyond there and that the follow-up target is a more substantial value of $3.82.
Potential Synergy with Ripple’s Legal Battle:
Interestingly, the projected timeline for XRP’s surge aligns with the expectations of Ripple CEO Brad Garlinghouse regarding the resolution of the company’s legal dispute with the U.S. Securities and Exchange Commission (SEC). The legal battle began in December 2020 when the SEC filed a lawsuit against Ripple, alleging the sale of $1.3 billion through an “unregistered, ongoing digital asset securities offering.” Although Garlinghouse expressed his dissatisfaction with the extended legal fight, he remains hopeful that the judge will decide within the next two to six months. He anticipates having 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 a predicted surge to $3.82 by year-end, representing an 880% increase, XRP investors and enthusiasts have reasons to be excited. Moreover, the potential alignment of the breakout timeline with Ripple’s legal battle conclusion adds an intriguing element 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 whole cryptocurrency industry.
Source: https://bitcoinworld.co.in/xrp-price-predicted-to-surge-as-analyst-anticipates-breakout/