Analysts recently predicted that the price of $XRP, the native token of the XRP ledger, may soon see a significant increase, which should begin in the near future. Projects suggest that the cryptocurrency could trade at $3.82 by the end of the year, a gain of nearly 880%.
Anonymous cryptocurrency analyst Dark Defender made his prediction on Twitter, saying that XRP activity appears to be quiet at the moment, which to him could be a harbinger of an imminent breakout.
The analysis includes a detailed examination of XRP’s weekly charts, with a particular focus on historical patterns. According to the explanation, the breakout could occur after a 13-week bar period, starting from the current date, which would land us in late August. However, analysts also acknowledged that the incident could have occurred in any previous week.
Following a breakout, Dark Defender expects XRP to conquer a key resistance line, setting the stage for an initial target of $1.33. They suggested an easy follow-on target of $3.82.
Interestingly, this timeline may be in line with Ripple CEO Brad Garlinghouse’s expectations for the conclusion of the company’s legal proceedings with the U.S. Securities and Exchange Commission (SEC), which began in December 2020 In March, the regulator announced a lawsuit over the alleged sale of $1.3 billion through an "unregistered, ongoing offering of digital asset securities."
Garlinghouse made clear his displeasure with Ripple’s long-running legal battle with the SEC, but revealed that he believes a judge will make a decision within the next two to six months. "The judge knows everything she needs to know. She has to decide what to do. She can take as much time as she wants, but I hope we'll know her decision before the end of the third quarter," he said.
