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Dark Defender claimed that XRP’s latest slump may be part of market volatility. Ripple’s growth condition is maintaining a key support level.
Despite the recent market slump and XRP falling below $0.50, analysts like Dark Defender predict that it could still reach its all-time high above $5 if it holds key support levels.
The outcome of the ongoing legal battle between Ripple and the SEC remains a critical factor in the asset’s future outlook. But recent activities of the court have added to the complexity of the case.
According to the Pooyan Music website, Ripple’s XRP is one of the cryptocurrencies that have been heavily affected by the latest market corrections. So that its price has decreased by almost 10% per week. With this price drop, Ripple has fallen below $0.50 for the first time since mid-April.
Popular analyst Dark Defender analyzed the recent performance of this asset. He argued that the chance of achieving a record ATH for Ripple remains. The trader thinks that XRP can still climb to a high of $5.85 and later to $18.22. As long as it trades above the two main support levels – $0.46 and $0.39:
“As long as these hold, our Elliott wave 5 structure remains firm with targets at $5.85 and $18.22. And any further movement between $0.3917 and $0.6649 is sideways and normal.
Dark Defender also reiterated its prediction that the global cryptocurrency market will exceed $23 trillion by January 2025. XRP currently accounts for less than 1.2% of that share, meaning that if the market cap explodes to that ridiculous level, it could rise to around $2.80.
However, the analyst expects much higher profits. He predicts that “most cryptoassets will be destroyed as useless”. This gives XRP more room to grow.
Another X user who thinks Ripple’s native token has yet to experience a major uptrend is EGRAG CRYPTO. The analyst presented a chart showing that XRP’s latest weekly candles have not dipped below a certain resistance zone.
“Notably, not even the body of the weekly candlestick closes below the arc, which is extremely bullish! XRP army, stand firm! “The XRP bulls are showing remarkable flexibility, strength and power in this battle.”
Perhaps the most important factor that might trigger an XRP rally. A positive outcome for Ripple in its legal battle against the US SEC. The trial between these two entities started a week ago. Some considered the agency a failure because of the three minor court losses it suffered last year.
However, instead of a resolution, the case continues to present more conflicts. Recently, the SEC announced its opposition to Ripple’s proposal to create new specialist materials. The agency claims that the testimony of a key witness should be considered. While the company previously believed that this statement represented an unsolicited expert opinion.
